Minister Tran Hong Minh Meets with Vice President of China Metallurgical Corporation
A Billion-Dollar Collaboration Between Hoa Phat and China Metallurgical Corporation
According to the annual report of China Metallurgical Corporation, in 2022, Hoa Phat (HoSE: HPG) and the corporation signed a contract worth 4.02 billion CNY (approximately 14.088 trillion VND) for the Hoa Phat Dung Quat 2 Iron and Steel Production Complex project.
China Metallurgical Corporation affirmed that this collaboration aligns with the spirit of China’s Belt and Road Initiative (BRI).
The cooperation between the two parties comprises four component projects: an EPC contract for a 2×2,500m3 blast furnace worth 1.41 billion CNY, an Oxygen Blast Furnace (BOF) contract for iron ore smelting into steel worth 1.28 billion CNY, an intelligent raw material yard EPC contract worth 670 million CNY, and a sintering project EPC contract worth 660 million CNY.
The Hoa Phat Dung Quat 2 Iron and Steel Production Complex has a total investment of 85 trillion VND and spans an area of 280 hectares. The project commenced in Q1/2022, and by early 2024, over 50% of the main items had been completed. It is designed to produce 5.6 million tons of high-quality hot-rolled steel coils (HRC) annually.
Dung Quat 2 project is on schedule, with the first blast furnace completing its test run and contributing to business results since late March 2025. Phase 2 is expected to be completed by the end of 2025 or early 2026, bringing Hoa Phat’s total crude steel capacity to over 15 million tons per year.
Dung Quat 2 is also the site for a 14 trillion VND railway production project, catering to the high-speed railway project.
To date, Hoa Phat has invested 7 billion USD in Quang Ngai Province’s Dung Quat Economic Zone. The key projects are the Hoa Phat Dung Quat Iron and Steel Production Complex and the Hoa Phat Dung Quat 2 Iron and Steel Production Complex, with a combined investment of over 171 trillion VND. From the project’s inception in 2017 to 2024, Hoa Phat Dung Quat Steel has contributed nearly 35 trillion VND to the state budget.
China Metallurgical Corporation Seeks to Expand Collaboration with Vietnam in Urban Infrastructure and Transportation
On May 20, Vietnam’s Minister of Construction, Tran Hong Minh, hosted a meeting with Zhu Guang Xia, Vice President of China Metallurgical Corporation (MCC), and senior members of the corporation.
During the meeting, Mr. Zhu Guang Xia provided an overview of MCC and expressed their desire to expand cooperation with Vietnam in various fields, including urban infrastructure development , transportation infrastructure (encompassing highways, railways, ports, and airports), energy infrastructure , and irrigation works.
MCC, as introduced by Mr. Zhu Guang Xia, is a Chinese state-owned enterprise ranked among the top 10 largest companies in China. It has established over 130 overseas branches in 50 countries (regions) worldwide, including Vietnam.
MCC, according to Mr. Zhu, is a state-owned enterprise under the supervision of the State-owned Assets Supervision and Administration Commission of the State Council of China. In 2024, MCC achieved a revenue of 80 billion USD, ranking among the Fortune Global 500 and second in the global industrial construction industry. With a global reach, MCC has established a presence in 50 countries (regions) through more than 130 overseas branches. In 2011, MCC established a subsidiary in Vietnam.
“Luxury Apartments: Prime Location, Unbeatable Price”
The Phu Lam Social Housing Project is an exceptional initiative offering a unique opportunity for individuals to own affordable homes. With prices at an incredible rate of less than 14 million VND per square meter, this project is a rare gem in the real estate market, boasting rates three times lower than those advertised by competitors. This project stands out as one of the few qualified projects accepting applications for social housing purchase after a 5-year rental period.
The “Silver Grey” of Vietnam Receives a Massive Boost: Export Tax Slashed to 5%, Making Us the Kings of ASEAN
The Vietnamese cement industry leads the way in ASEAN and ranks among the top 10 globally in terms of output.
The Treasury Department Sees Over 10,400 Early Retirements
The Ministry of Finance has been allocated an additional VND 11.4 trillion to implement policies for over 10,400 people who retired early under Decree 178 and Decree 67. Post-merger, the Ministry has streamlined its structure by reducing 3,600 office and department-level units. It has the highest number of supported individuals among all entities.
Positive Signals in Vietnam-US Trade Talks
At the conclusion of the second round of negotiations, Vietnam and the United States made significant progress, identifying areas of agreement and convergence. They also outlined areas requiring further discussion to reach a consensus in the near future.
The Annual Cost of Administrative Procedures Compliance Exceeds 120 Trillion Dong
According to statistics, the annual cost of administrative procedures compliance amounts to a staggering 120 thousand billion VND. In light of this, the Prime Minister has issued an urgent directive to review, streamline, and simplify administrative procedures related to production and business activities. The goal is to reduce the time, cost, and conditions for business operations by at least 30% each in 2025.
