$2 bln investment proposed for central Vietnam steel complex

Vietnamese steel maker Vina Roma is proposing to invest more than VND47 trillion ($2.03 billion) in an iron and steel complex project in the central province of Quang Tri.

The complex, located in Southeast Quang Tri Economic Zone, would use state-of-the-art European technology to produce 4.5 million tons of construction steel, steel sections, and hot rolled steel sheets a year, according to Vina Roma.

In phase 1, the company would develop a construction steel production line with an annual capacity of 1.1 million tons. Another line to make steel sections with the same capacity as the first phase would be installed in phase 2. The last phase involves hot-rolled steel sheet production with a capacity of 2.3 million tons.

The project would cover roughly 463 hectares in the communes of Trieu Son and Trieu Lang, Trieu Phong Dien district, and create 4,000 jobs. Construction is estimated to take five years.

Quang Tri authorities said they okayed the project in principle but requested the investor to use modern technology to reduce gas emissions and wastewater. They asked the company to quickly fulfill procedures so the project could be kicked-off this year.

In late March, Hoa Phat Group, Vietnam’s largest steel maker, disclosed its intention to invest in seaport infrastructure, deep-water ports, and steel plants in Southeast Quang Tri Economic Zone.

Quang Tri province is home to two economic zones, five industrial parks and 17 industrial clusters.