Vietnam’s Hoa Phat to invest in 5.6 million mt steel project

Vietnam’s Hoa Phat to invest in 5.6 million mt steel project

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Vietnam-based steelmaker Hoa Phat Group has announced that its subsidiary Hoa Phat Dung Quat Steel Joint Stock Company plans to invest VND 85 trillion ($3.67 billion) in the construction of its Hoa Phat Dung Quat Steel Gang Manufacturing Area 2 Project.

With the investment, the project will have an annual production capacity of 5.6 million mt, including 4.6 million mt of flat steel and 100,000 mt of high quality bar and wire rod.

The company stated that the construction is scheduled to be completed and the project to be put into operation within 36 months from the date of granting a construction permit.

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