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.
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