Vietnam's steel giant seeks to develop $3.8 billion complex: report

Thanh Nien News

Email Print


Hoa Sen Group, one of Vietnam's biggest steelmakers, reportedly plans to spend US$3.8 billion on a long-abandoned steel mill complex in the central province of Ninh Thuan.
The Hoa Sen Ca Na-Ninh Thuan Steel Mill Complex, as it is officially known, was originally developed by state-owned shipping giant Vinashin and Malaysia's Lion Group with a projected cost of $9.8 billion, news website Nhip Cau Dau Tu reported Monday.
The foreign investor made an exit about one year after the project was licensed in 2008 and local authorities revoked its license in 2011, it said.
According to Hoa Sen's plan, which will be put forward at its shareholders' meeting this September, the complex will cover more than 1,700 hectares to house a steel mill with an annual output of 6 million tons and a solar panel plant among other facilities, according to the website.

More Business News