Central Vietnam province seeks investors for $1.3 billion steel project

The Economic and Industrial Zones Authority of Thua Thien-Hue province in central Vietnam has called for investment in a VND32 trillion ($1.29 billion) steel plant project in the Chan May-Lang Co Economic Zone.

The Chan May green steel project will cover 236.5 hectares in the Free Trade Zone within the economic zone, building a plant for producing hot-rolled coil (HRC) and high-quality technical steel, with a capacity of about 3 million tons per year.

Its life cycle is up to 70 years from the date of securing in-principle approval.

Construction is scheduled to start in Q3/2025 after completing investment preparations, compensation, and site clearance procedures. The project is expected to become operational by Q2/2028.

It will employ advanced and modern technology from Europe and/or G7 and G20 economies; maximize resource, fuel and energy efficiency; and use clean electricity and fuels like LNG and LPG.

All wastewater from production must be recycled. Its raw materials will be pig iron, scrap steel, and sponge iron, and exclude iron ore or other types of ore.

Investors must submit their applications to the provincial Economic and Industrial Zones Authority by 4 p.m., September 26, 2024.

Earlier, in March 2024, the Thua Thien-Hue administration called for investments in 12 projects, including the Chan May green steel plant, in the Chan May-Lang Co Economic Zone for the 2024-2025 period, with total investment amounting to tens of trillions of VND (VND1 trillion is equivalent to $40.17 million).

In the first five months of this year, the province attracted 20 new projects, both foreign and domestic, with total registered capital of over VND5.2 trillion ($204.3 million), according to the provincial Department of Planning and Investment.