On October 6, 2025 – Vingroup announced the establishment of VinMetal Joint Stock Company, officially entering the metallurgical industry and expanding its current Industrial – Technology pillar. The company aims to meet the internal needs of Vingroup’s ecosystem while driving the development of heavy industry in Vietnam.
With an investment capital of VND 10,000 billion, VinMetal targets the construction of a high-tech industrial steel production complex in Vung Ang, Ha Tinh, with a Phase 1 capacity of approximately 5 million tons per year.
VinMetal will focus on producing civil steel for construction; hot-rolled steel, high-strength steel, and specialty alloy steel for electric vehicle manufacturing and high-speed infrastructure. Key products include high-quality sheet steel and stamped vehicle body parts , rail steel, and structural steel for bridges, ports, and railways , meeting international standards. The goal is 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 high-quality steel for industrial, energy, and transportation projects under consideration, including the North-South high-speed railway, Ho Chi Minh City – Can Gio route, and Hanoi – Quang Ninh route.
Long-term, the company aims to lead in green steel production domestically, applying carbon emission reduction technologies and renewable energy reuse, contributing to the development of Vietnam’s metallurgical and heavy industries.
The company aims to meet Vingroup’s internal needs while driving heavy industry development in Vietnam.
Mr. Nguyen Viet Quang, Vice Chairman of the Board and CEO of Vingroup , also CEO of VinMetal, shared: “VinMetal is not just a steel production plant but a strategic step toward 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 master technology, materials, and capabilities for key national projects.”
The launch of VinMetal marks a new milestone in Vingroup’s five-pillar strategy: Technology – Industry; Trade and Services; Social Welfare; Infrastructure; and Green Energy.
Domestic steel production ensures material supply for large-scale projects while strengthening Vietnam’s heavy industry capabilities.
Steel Industry Potential
In 2023, Vietnam ranked 12th globally in crude steel production, with an output of 20 million tons. Maintaining a 10-15% annual growth rate during this period highlights the industry’s strength and potential. Vietnam has also become a leading producer and consumer of finished steel in ASEAN.
Vietnam’s steel industry has solidified its position in the global Top 12 for crude steel production.
According to the Vietnam Steel Association (VSA), in 2024, crude steel production reached over 21.98 million tons, up 14% year-on-year; domestic consumption and exports totaled 21.41 million tons, a 14% increase. Exports primarily consisted of 2.783 million tons of slabs, up 55% year-on-year.
Finished steel production reached 29.443 million tons, up 6.1%. Notable increases included 23.1% for coated and color-coated steel sheets, 10.1% for construction steel, 3.5% for steel pipes, and 1.5% for hot-rolled coils (HRC). Cold-rolled coils saw a 19.4% decline.
In 2024, Vietnam exported approximately 7.6 million tons of finished steel, primarily to ASEAN, the EU, the US, and South Korea.
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