With a substantial investment capital of $4.3 billion USD, the company aims to establish a high-tech industrial steel production complex in Vung Ang, Ha Tinh, targeting an initial annual capacity of 5 million tons in Phase 1.
VinMetal will focus on manufacturing civil steel for construction, hot-rolled steel, high-strength steel, and specialty alloy steel catering to electric vehicle production and high-speed transportation infrastructure. Key products include high-quality sheet steel and stamped auto body parts, international standard rail steel, and structural steel for bridges, ports, and railways—aiming to replace imports and gradually penetrate regional export markets.
The establishment of this steel production company primarily serves to supply materials for Vingroup’s core sectors, including Vinhomes real estate and VinFast electric vehicles. Additionally, Vingroup seeks to secure high-quality steel supplies for proposed industrial, energy, and transportation projects, such as the North-South high-speed railway, the Ho Chi Minh City–Can Gio route, and the Hanoi–Quang Ninh corridor.
According to VinMetal’s announcement, the company was founded on October 10, shortly after Vingroup’s public disclosure. Its chartered capital stands at $4.3 billion USD, with Vingroup holding 98% through 980 million shares.
The remaining 2% is held equally by Pham Nhat Quan Anh and Pham Nhat Minh Hoang, both sons of billionaire Pham Nhat Vuong.
Both sons are actively involved in Vingroup’s ecosystem, contributing capital to subsidiaries like Vinspeed (railways) and Vinenergo (energy).
Congo’s President and Prime Minister Discuss Collaboration with Vingroup
President Félix Tshisekedi and Prime Minister Judith Suminwa received Vice Chairwoman of Vingroup, Lê Thị Thu Thủy, and her delegation in Kinshasa. The meeting, as described by local media, signifies a pivotal moment in the partnership between the Congolese government and one of Vietnam’s leading private conglomerates, paving the way for the implementation of key projects under Prime Minister Suminwa’s government action program.
The Unique Advantage of Vingroup’s Upcoming Mega-Project Destination: Dominating 74% of Global Production for a Critical Electric Vehicle Metal
The nation where Vingroup is set to launch a groundbreaking infrastructure project stands at the heart of the global electric vehicle supply chain. It commands over 74% of the world’s cobalt production—a metal hailed as the “lifeblood” of lithium-ion batteries, an indispensable component in every modern electric vehicle.
Real Estate Stocks Underperform Expectations
The sharp decline in blue-chip stocks today (October 27) triggered a widespread sell-off across the stock market. Real estate shares were the hardest hit, with numerous stocks such as CII, GEX, CEO, and DIG plummeting to their lower limits.
Unveiling Vingroup’s Bold New Venture in Africa
Vingroup’s recent Memorandum of Understanding (MOU) with the Kinshasa Capital Authority in the Democratic Republic of the Congo has sparked significant media attention and interest from industry observers. The agreement, focused on researching and developing large-scale urban projects and green transportation solutions in Congo, aligns with Vingroup’s established pattern of strategic market entry. Given their past initiatives, the conglomerate’s intentions in this new market appear both clear and purposeful.
Two Congos, One Treasure: Why Billionaire Pham Nhat Vuong Chose the World’s Poorest Nation for Its Most Valuable Electric Vehicle Resource
Without cobalt, the global electric vehicle industry would grind to a halt, and the Democratic Republic of Congo (DRC) holds over 70% of the world’s cobalt reserves. Additionally, the DRC boasts one of the largest copper reserves globally, further solidifying its critical role in the future of sustainable transportation and technology.
