VinGroup Corporation announced that it has established a new subsidiary, VinMetal Joint Stock Company for Manufacturing and Trading, focused on producing steel mainly for the construction, transportation infrastructure, and automotive sectors. The Vietnamese conglomerate, which owns the country’s largest vehicle manufacturer, VinFast Auto, confirmed that the new company was launched with an initial investment of VND 10 trillion (US$ 380 million).
VinMetal plans to build a high-tech steel production complex in Vũng Áng, near the city of Hà Tĩnh, with an initial production capacity of 5 million tons of steel per year. It will produce hot-rolled, high-strength steels for the construction and transportation infrastructure sectors, as well as specialized steel alloys, sheet steel, and stamped steel body parts for the automotive industry.
VinMetal will initially focus on supplying in-house companies such as Vinhomes and VinFast, but will later look to develop customers outside the group, including in export markets. Its long-term aim is to establish a leading green steel production operation by adopting carbon-reducing technologies and using energy from renewable sources.
VinGroup’s vice chairman and CEO, Nguyễn Việt Quang, said in a statement: “VinMetal is not just a steel plant. It represents a strategic preparation for a modern, green, and sustainable infrastructure future for Vietnam. At VinGroup, we believe that proactively developing foundational industries will help our country enter a new growth era, where Vietnamese people master technology, materials, and the execution of national-scale projects."
