German company to build a $1.6 billion stainless steel plant in Ha Tinh

The 250-hectare facility, which will be erected in the Vung Ang Economic Zone, is estimated to generate 1.1 million metric tons per year.

According to the Munich-based business, the plant will utilize cutting-edge technology and will follow a circular, eco-friendly, and automated model.

VFT Industry UG, a major participant in carbon reduction technology, is actively collaborating with Southeast Asian countries, including the Philippines and Indonesia. The firm is now looking for investment possibilities in Vietnam.

During a recent meeting with the Ha Tinh delegation in Germany, the leader of VFT Industry UG emphasized the favorable conditions in Ha Tinh Province, particularly the Vung Ang-Son Duong deep-water seaport, which can accommodate ships of up to 300,000 tons, an abundant workforce, and streamlined administrative procedures.

Ha Tinh had a 7.68 percent increase in Gross Regional Domestic Product (GRDP) in the first nine months of the year, placing 15th out of 63 provinces and cities nationwide.

Source: BizHub