On August 29, 2025, the Quang Ngai Provincial People’s Committee approved Hoa Phat Dung Quat Steel Joint Stock Company to convert the use of 44,248.3m² of land for the implementation of the Hoa Phat Dung Quat 2 integrated steel production project. This project has an investment capital of 85 trillion VND, covers an area of 280ha, and has a designed capacity of 5.6 million tons of hot-rolled steel annually, which is expected to enhance domestic steel production capacity and promote the socio-economic development of Quang Ngai. Additionally, Hoa Phat recorded a revenue of 73,532 billion VND in the first half of 2025, up 4.44% year-on-year. The steel industry contributed over 90% to the revenue, with a post-tax profit of 6,587 billion VND, an increase of 23.6%. Hoa Phat also expects the rail steel factory to generate over 770 billion VND in profit annually.
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