“HPG’s Ambitious Steel Project in Dak Lak: A Strategic Move Towards High-Value Steel Products”
Vietcombank Securities’ (VCBS) latest report reveals that Hoa Phat has completed preliminary legal procedures for its steel project in Dak Lak and has been allocated 500 hectares of land.
With a massive investment of 86,000 billion VND, the project is designed to produce 6 million tons of steel annually, starting with a Phase 1 capacity of 3 million tons. Construction of Phase 1 is expected to commence in 2025.
HPG’s Chairman, Tran Dinh Long
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Hoa Phat is strategically focusing on high-quality steel products such as tire cord steel and steel for industrial and defense purposes. This approach diversifies their product portfolio with higher-value offerings while reducing reliance on traditional construction steel.
This Dak Lak project is Hoa Phat’s third major steel initiative, following the successful Dung Quat 1 and Dung Quat 2 projects in Quang Ngai. Upon completion, their total production capacity will reach an impressive 22 million tons per year.
First introduced at the 2022 Annual General Meeting, HPG’s steel project was temporarily delayed due to post-pandemic challenges in the steel industry and the prioritization of resources for Dung Quat 2. With improved market conditions, the company is now poised to forge ahead.
At the April 2025 AGM, Chairman Tran Dinh Long expressed his gratitude for securing such a prime location, stating, “It’s likely the last available land in Vietnam suitable for a steel plant.” Mr. Long anticipates that the project will boost local employment and significantly contribute to the economic development of Dak Lak province.
Thien Van
– 09:57 05/09/2025
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