Germany's VFT Bio Fuels UG proposes green steel venture in Ninh Thuan

Germany's VFT Bio Fuels UG proposes green steel venture in Ninh Thuan

German firm VFT Bio Fuels UG plans a green steel project in Du Long Industrial Park in Thuan Bac district in Ninh Thuan province with a total investment capital of $3.1 billion.

The investment proposal was shared at a working session between the company and Ninh Thuan People's Committee earlier this week.

The representative of VFT Bio Fuels UG noted that the green steel initiative was designed with a capacity of 11 million tonnes per year, supplying to the Vietnamese and European markets.

The project spans across 250 hectares and comprises two phases. It is equipped with cutting-edge technologies to ensure environmentally friendly and closed-loop production. When fully operational, the venture will generate employment for 500 to 10,000 people.

In addition, the plant is expected to generate carbon credits worth $100 million per year by significantly slashing carbon emissions.

Tran Quoc Nam, Chairman of Ninh Thuan People's Committee, evaluated that VFT Bio Fuels UG's green steel initiative is of special importance and is being implemented for the first time. The venture's unique selling point lies in carbon credit generation.

Nam pledges assistance for such large-scale, sustainable projects. Ninh Thuan is creating the most favourable conditions for the investor.

Following the meeting, VFT Bio Fuels UG also visited Cam Ranh Port in Khanh Hoa province. The German firm noted that it was scouting other emerging investment destinations in Vietnam in line with the company's long-term development strategy in the country. The company is also keen on potential collaborations with port operations and logistics services providers to formulate appropriate partnership plans.

VIR