Vingroup has officially announced the establishment of VinMetal Joint Stock Company, marking its entry into the metallurgical industry. This move expands the conglomerate’s existing Technology-Industry pillar, aiming to meet the internal demands of its ecosystem while driving the growth of heavy industry in Vietnam.
With an investment capital of VND 10,000 billion, VinMetal plans to construct a high-tech industrial steel complex in Vung Ang, Ha Tinh, targeting an annual capacity of 5 million tons in its first phase.
The company will focus on producing civil construction steel, hot-rolled steel, high-strength steel, and specialized alloy steel for electric vehicle manufacturing and high-speed infrastructure. Key products include high-quality sheet steel and stamped vehicle body parts, railway steel, and structural steel for bridges, ports, and railways, all meeting international standards. These efforts aim to reduce imports and gradually expand exports across the region.
VinMetal’s establishment primarily addresses the material needs of Vingroup’s core sectors, such as Vinhomes real estate and VinFast electric vehicles. Additionally, the company aims to secure a stable supply of high-quality steel for proposed industrial, energy, and transportation projects, including the North-South high-speed railway, the Ho Chi Minh City-Can Gio route, and the Hanoi-Quang Ninh line.
Long-term goals include becoming a leader in green steel production domestically, leveraging carbon emission reduction technologies and renewable energy to promote sustainable development in Vietnam’s metallurgical and heavy industries.
Mr. Nguyen Viet Quang, Vice Chairman of the Board and CEO of Vingroup, as well as CEO of VinMetal, stated: “VinMetal is more than a steel manufacturer; it’s a strategic step toward building a modern, green, and sustainable infrastructure for Vietnam. Vingroup believes that developing foundational industries will propel the nation into a new era of growth, where Vietnamese expertise drives technology, materials, and the execution of key national projects.”
The launch of VinMetal Joint Stock Company signifies a new milestone in Vingroup’s five-pillar development strategy: Technology-Industry, Commerce-Services, Social Welfare, Infrastructure, and Green Energy.
As part of the Technology-Industry pillar, VinMetal also supports the Infrastructure pillar, where Vingroup is expanding investments in high-speed railways, bridges, ports, and logistics. Domestic steel production not only ensures material supply for large-scale projects but also strengthens Vietnam’s heavy industry capabilities, enhancing national competitiveness and global standing.
This initiative underscores Vingroup’s commitment to national development, aiming to complete an integrated industrial-energy-infrastructure value chain for Vietnam’s long-term prosperity and sustainability.
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