Conglomerate Xuan Thien starts work on $3.7 bln steel project in northern Vietnam
Vietnamese conglomerate Xuan Thien Group on Monday broke ground on a VND98 trillion ($3.74 billion) steel complex project in Nam Dinh province.
The Xuan Thien Nam Dinh green steel complex, with an annual capacity of 9.5 million tons of steel, is designed to use electricity and natural gas, with plans to adopt green hydrogen in the future to replace traditional coal-based steelmaking.
It is located on a 425-hectare site in the Con Xanh area, Nghia Hung district.
Illustration of Xuan Thien Nam Dinh green steel complex in Nam Dinh province, northern Vietnam. Photo courtesy of the firm.
The facility will focus on producing high-grade steel products not currently manufactured domestically, including weathering steel for shipbuilding, automotive manufacturing, wind power components, machinery, and defense applications.
The first steel products are expected to be churned out by June 2028, with full project completion targeted for June 2030.
Once operational, the complex is projected to contribute VND20 trillion ($764 million) annually to the state budget and create more than 21,000 jobs.
The complex consists of three major components. The largest is the Xuan Thien Nam Dinh green steel plant No. 1, which will span nearly 285 hectares and require a total investment of VND88 trillion ($3.36 billion).
Another component is the VND10 trillion ($382 million) Xuan Thien Nghia Hung green steel plant, covering 84 hectares.
The third component is the Xuan Thien Nam Dinh precast concrete plant, which has been under construction since November 2022. It covers 58 hectares and is designed for an annual capacity of 350,000 tons.
It requires VND900 billion ($34.4 million) and is expected to begin operations in Q3/2026.
The National Assembly, Vietnam's legislature, on June 12 passed a resolution that will reduce the country's number of provinces and cities from 63 to 34, effective immediately.
Accordingly, a merger of Ha Nam, Nam Dinh and Ninh Binh in northern Vietnam will lead to the establishment of Ninh Binh province, which borders Hung Yen, Phu Tho, Thanh Hoa, Hanoi, and the East Sea.
- Related News
- Read More
Long Thanh airport project faces shortage of 2,000 workers
The Long Thanh International Airport project in the southern province of Dong Nai is still short nearly 2,000 workers compared to actual requirements during its final acceleration phase.
Infrastructure - Sun, June 14, 2026 | 6:08 pm GMT+7
Nghi Son Refinery and Petrochemical Complex turns profitable in Q1 on full-capacity operations
Operating at full capacity, the Nghi Son Refinery and Petrochemical Complex in Vietnam's central province of Thanh Hoa reported its first profit in Q1/2026, marking a significant turnaround after years of losses.
Economy - Sun, June 14, 2026 | 2:45 pm GMT+7
50 years of Gamuda Berhad and its urban development journey in Vietnam
Celebrating 50 years of establishment and growth, Gamuda Berhad – one of Malaysia’s leading infrastructure and urban development groups – has evolved from an infrastructure specialist into an integrated urban developer with a growing presence across Asia.
Real Estate - Sun, June 14, 2026 | 11:21 am GMT+7
Industrials, technology top Vietnamese sectors in M&A transaction volume
Vietnam’s M&A market recorded 24 transactions in May, with industrials, technology and healthcare sectors being the most active sectors in terms of transaction volume, writes Grant Thornton analysts.
Consulting - Sun, June 14, 2026 | 9:00 am GMT+7
Top Vietnamese garment maker Vinatex's H1 profit rises 14%, weak order visibility clouds outlook
Vietnam National Textile and Garment Group (UPCoM: VGT) reported consolidated profit growth of 14.4% in the first half of 2026, driven by a strong recovery in its yarn business, even as weakening global demand and uncertainty over U.S. trade policy cast a shadow over the sector’s outlook.
Companies - Sun, June 14, 2026 | 8:00 am GMT+7
Gamuda Land Vietnam recognized among Top 10 Enterprises Pioneering Green Transformation 2025-2026
Gamuda Land Vietnam has been recognized as one of the “Top 10 Enterprises Pioneering Green Transformation 2025-2026” at the 25th Golden Dragon Awards.
Companies - Sat, June 13, 2026 | 7:45 pm GMT+7
T&T pushes ahead with $97 mln industrial park project, eyes new urban area projects in northern Vietnam
Vietnamese conglomerate T&T Group is seeking to accelerate five projects in Bac Ninh while proposing two new developments in this northern province.
Infrastructure - Sat, June 13, 2026 | 7:09 pm GMT+7
VinFast guns for 300,000 EV deliveries in 2026, spins off manufacturing operations
VinFast, the EV arm of Vietnamese conglomerate Vingroup (HoSE: VIC) targets at least 300,000 electric vehicle deliveries globally this year, up 52% year-on-year, while pursuing a restructuring plan aimed at improving capital efficiency, according to a report by Vietcap Securities.
Companies - Sat, June 13, 2026 | 3:07 pm GMT+7
Vietnam economy resilience amid cost pressures, external strains: UOB
The VND has stabilized in recent weeks, trading in a range of VND26,291-26,372 per U.S. dollars in April-May, well within the State Bank of Vietnam’s ±5% band. In a report released on Friday, UOB analysts say on balance, they retain a gradual depreciation bias for the USD/VND, with updated forecasts of 26,500 in Q3/2026, 26,400 in Q4/2026, 26,300 in Q1/2027, and 26,100 in Q2/2027.
Consulting - Sat, June 13, 2026 | 11:49 am GMT+7
Vietnam Politburo issues resolution on FDI sector development
The Politburo, Vietnam's highest decision-making body, has issued a resolution that establishes a new mindset in developing the FDI sector.
Economy - Sat, June 13, 2026 | 8:17 am GMT+7
Japan’s Meiko breaks ground on $500 mln electronic circuit plant in northern Vietnam
Japanese electronics manufacturer Meiko Group on Friday broke ground on a $500 million electronic circuit plant in northern Vietnam, underscoring the country’s growing role in global technology supply chains and advanced manufacturing.
Investing - Fri, June 12, 2026 | 4:06 pm GMT+7
Vietnam's EVN discusses energy investment opportunities with Thailand's Gulf Energy
Vietnam Electricity (EVN) chairman Dang Hoang An met executives from Thailand's Gulf Energy in Hanoi on Wednesday to discuss the company's investment plans and the development of energy projects in Vietnam.
Energy - Fri, June 12, 2026 | 3:59 pm GMT+7
Three developers commit nearly $570 mln to free trade zone in central Vietnam
Authorities in Vietnam’s central city of Danang has approved over VND15 trillion ($569.7 million) of investment for three infrastructure projects at its newly established free trade zone (FTZ).
Infrastructure - Fri, June 12, 2026 | 12:36 pm GMT+7
PV Gas imports nearly 120,000 metric tons of LNG, LPG amid peak energy demand
PV Gas, a subsidiary of state-owned Petrovietnam, has received nearly 120,000 metric tons of liquefied natural gas (LNG) and liquefied petroleum gas (LPG) as it moves to secure fuel supplies against rising domestic energy demand and volatile global markets.
Companies - Fri, June 12, 2026 | 12:20 pm GMT+7
Vietnam government seeks assurances from TKG Taekwang over $2.2 bln power project
Vietnam's Standing Deputy Prime Minister Pham Gia Tuc has asked South Korea's TKG Taekwang Group to clarify its commitment to moving ahead with the long-delayed Nam Dinh 1 build-operate-transfer (BOT) thermal power project, with a particular focus on financing arrangements, carbon-emission reduction technology and a specific construction timeline.
Energy - Fri, June 12, 2026 | 9:06 am GMT+7
CIP, Fecon propose 1-GW Lao wind farm to export power to Vietnam
Danish renewable energy developer Copenhagen Infrastructure Partners (CIP) and Vietnamese contractor developer Fecon have proposed co-developing a 1-GW onshore wind project in Laos to export electricity to Vietnam, as the two companies seek to capitalize on growing regional demand for clean energy.
Energy - Thu, June 11, 2026 | 9:40 pm GMT+7
