Vingroup sets up $380 million steel company

The new company aims to meet the internal material needs of Vingroup's ecosystem while contributing to the development of Vietnam's heavy industries.

VinMetal is launching with an initial investment of VND10 trillion (approximately $380 million), with plans to build a high-tech industrial steel production complex in the central province of Ha Tinh. Phase 1 will have a capacity of around five million tonnes per year.

The company will focus on producing steel products for civil construction, including hot-rolled steel, high-strength steel, and specialised alloy steels for electric vehicles and high-speed transportation infrastructure. Its flagship products will include high-quality sheet steel and stamped automotive body steel, as well as international-standard rails and structural steel for bridges, ports, and railways, targeting import substitution and future exports to regional markets.

VinMetal will initially prioritise supplying materials for Vingroup's core sectors, such as Vinhomes real estate and VinFast EVs. In addition, the company seeks to secure high-quality steel supply for major projects in industry, energy, and transportation currently under research and proposal, including the North-South high-speed railway, the Ho Chi Minh City-Can Gio line, and the Ha Noi-Quang Ninh route.

In the long term, VinMetal aspires to become a leader in green steel production in Vietnam, applying carbon-reducing technologies and reusing energy from renewable sources. This will not only advance the domestic metallurgy industry but also promote the growth of Vietnam's heavy industry as a whole.

Nguyen Viet Quang, vice chairman and CEO of Vingroup and concurrently CEO of VinMetal, stated, "VinMetal is not just a steel plant. It represents a strategic preparation for a modern, green, and sustainable infrastructure future for Vietnam. At Vingroup, we believe that proactively developing foundational industries will help our country enter a new growth era, where Vietnamese people master technology, materials, and the execution of national-scale projects."

The establishment of VinMetal marks another milestone in Vingroup's development strategy across its five business pillars: industrials and technology; real estate and services; infrastructure; green energy; and social enterprises.

Belonging to the industrials and technology pillar, VinMetal also serves as a foundational element directly supporting the infrastructure pillar, where Vingroup is expanding investments in high-speed railways, bridges, ports, and logistics. Domestic steel production will not only ensure material supplies for these large-scale projects but also strengthen Vietnam's heavy industry capabilities, enhance national competitiveness, and elevate Vietnam's global standing.

With this new step, Vingroup reaffirms its commitment to contributing to the nation, while advancing its industrial, energy, and infrastructure value chain towards sustainable and long-term prosperity for Vietnam.

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