Vingroup has announced the establishment of VinMetal Joint Stock Company for Manufacturing and Trading, officially entering the metallurgy industry and expanding its existing Industrials & Technology pillar.
The new company aims to meet the internal material needs of Vingroup’s ecosystem while contributing to the development of Vietnam’s heavy industry.
VinMetal is launching with an initial investment of VND 10 trillion (approximately $380 million), with plans to build a high-tech industrial steel production complex in Vũng Áng, Hà Tĩnh. Phase 1 will have a capacity of around 5 million tons 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 electric vehicles.
In addition, the company seeks to secure high-quality steel supplies for major projects in the industry, energy, and transportation sectors, currently under research and proposal, including the North-South high-speed railway, the HCMC-Cần Giờ line, and the Hà Nội-Quảng 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.
Nguyễn Việt Quang, Vice Chairman and CEO of Vingroup and 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, according to a statement by the firm on Monday.
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.
