At the 2025 Annual General Meeting on April 17, 2025, tycoon Tran Dinh Long revealed that Hoa Phat Group was allocated land in Phu Yen, considered the last area in Vietnam for building a steel plant. The land was previously designated for an oil refinery project that never materialized. Hoa Phat will invest in three major projects here with a total investment of over VND 120 trillion, including Hoa Tam Industrial Park, Bai Goc Port, and Hoa Phat Iron and Steel Complex. These projects are expected to create about 20,000 jobs and contribute VND 10 trillion annually to the budget. The iron and steel complex will have a capacity of 6 million tons of steel per year and is expected to be completed within 36 months after investment approval.
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