Vingroup Launches VinMetal: Vietnam's New $380M Steel Giant
Vietnam's Vingroup has launched VinMetal, a high-tech steel production venture with an initial investment of VND10 trillion ($380 million). The company aims to supply materials for Vingroup's core sectors and contribute to Vietnam's heavy industry development.
VinMetal's first phase will have an annual capacity of 5 million tons, producing steel for civil construction, electric vehicles, and high-speed transportation infrastructure. The company's flagship products include high-quality sheet steel, automotive body steel, rails, and structural steel.
VinMetal is set to support Vingroup's infrastructure expansion, which includes investments in high-speed railways, bridges, ports, and logistics. The company is also committed to green steel production, aiming to reduce carbon emissions and reuse energy from renewable sources. VinMetal's closest peer in Vietnam is Hoa Phat Group, with a charter capital of about VND77 trillion ($2.92 billion).
VinMetal's establishment marks Vingroup's entry into the metallurgy industry and its commitment to supporting Vietnam's heavy industry development. With a focus on green steel production and meeting internal material needs, VinMetal is poised to play a significant role in Vietnam's steel sector.
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