German group to invest $1.6 billion stainless steel plant in Ha Tinh
German group to invest $1.6 billion stainless steel plant in Ha Tinh
VFT Industry UG plans to invest €1.5 billion ($1.57 billion) in building a stainless steel plant in the central province of Ha Tinh.
Antonia Zahn-Weber, CEO of the Munich-headquartered manufacturer, mentioned the plan at the meeting with Chairman of Ha Tinh People’s Committee Vo Trong Hai in Germany on September 28.
Zahn-Weber said that the plant will cover 250 hectares in Vung Ang Economic Zone and will have an annual output of 1.1 million tonnes.
The plant will be installed using modern technology and apply a circular, eco-friendly, and automated model, which will match Ha Tinh’s target of sustainable development.
The German investor first expressed its intention to develop the project in Ha Tinh at an investment promotion event organised by the local people’s committee in May.
In welcoming the investment, Hai highlighted Ha Tinh’s advantages, including Vung Ang-Son Duong Port, which is capable of accommodating ships of up to 300,000 tonnes; abundant workforce, and streamlined administrative procedures.
He urged the manufacturer to cooperate with local authorities to field survey locations for project implementation.
Ha Tinh, home to a mega steel complex run by Taiwanese group Formosa, recorded a 4.37 per cent on-year growth in its index of industrial production in the first eight months of this year, according to provincial data. Stainless steel output in January-August was over 3.31 million tonnes, up 6.25 per cent.
