Vingroup announces the establishment of VinMetal Joint Stock Company, marking its official entry into the metallurgy industry. This move expands the conglomerate’s existing Technology – Industry pillar. With an investment capital of VND 10,000 billion, VinMetal aims to construct a high-tech industrial steel production complex in Vung Ang, Ha Tinh, boasting an initial capacity of approximately 5 million tons per year.
VinMetal will focus on producing a range of steel products, including civil construction steel, hot-rolled steel, high-strength steel, and specialty alloy steel for electric vehicle manufacturing and high-speed transportation infrastructure. Key products will encompass high-quality sheet steel and stamped vehicle body steel, as well as rail and structural steel for bridges, ports, and railways, all meeting international standards. The company aims to replace imports and gradually export to the region.
The establishment of VinMetal primarily aims to supply materials for Vingroup’s core sectors, such as Vinhomes real estate and VinFast electric vehicle production. Additionally, Vingroup seeks to secure a stable supply of high-quality steel for its industrial, energy, and transportation projects under consideration, including the North-South high-speed railway, the Ho Chi Minh City – Can Gio route, and the Hanoi – Quang Ninh route.
Long-term goals for the company include becoming a leader in green steel production within the domestic market. VinMetal plans to employ technologies that reduce carbon emissions and utilize renewable energy sources, contributing to the development of Vietnam’s metallurgy and heavy industries.
Mr. Nguyen Viet Quang, Vice Chairman of the Board and CEO of Vingroup, who also serves as CEO of VinMetal, stated, “VinMetal is more than a steel production facility; it’s a strategic step towards a modern, green, and sustainable infrastructure future for Vietnam. Vingroup believes that developing foundational industries will propel the nation into a new era of development, where Vietnamese people master technology, materials, and the capabilities to execute key national projects.”
As part of the Technology – Industry pillar, VinMetal serves as a foundational component, directly supporting the Infrastructure pillar. Vingroup is expanding its investments in high-speed railways, bridges, ports, and logistics. By producing steel domestically, the conglomerate ensures a reliable material supply for large-scale projects while strengthening Vietnam’s heavy industry capabilities. This, in turn, enhances the nation’s competitive edge and elevates its global standing.
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