Vingroup has officially established VinMetal Joint Stock Company with a charter capital of 10 trillion VND, entering the metallurgy industry. VinMetal will produce high-tech steel for various sectors within Vingroup’s ecosystem, including construction steel and specialty steel for VinFast’s electric vehicles. The company plans to build a production complex in Vung Ang, Ha Tinh, with a capacity of 5 million tons per year. VinMetal aims to compete with Hoa Phat, the largest steel manufacturer in Vietnam, to supply steel for major infrastructure projects like the North-South high-speed railway. Despite a smaller scale compared to Hoa Phat and Formosa Ha Tinh, VinMetal benefits from Vingroup’s ecosystem, allowing its products to serve various projects within the group.
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