Hoa Phat Group's member company emerges at 120 mln-ton iron ore mine after Chinese partner exits

A new entity backed by a member company of Hoa Phat Group and Dai Quang Minh Real Estate Investment Corporation's chairman Tran Dang Khoa has replaced the Chinese partner in the joint venture operating Quy Xa iron ore mine in northern Vietnam.

The Standing Committee of the Lao Cai Party Committee recently held a meeting to review the northern Vietnam province's socio-economic development in April and discuss several proposals under its authority.

Among the key issues discussed was the proposal to grant in-principle approval and select an investor for the Quy Xa iron ore mining project in Van Ban commune. Quy Xa is considered one of Vietnam’s largest iron ore mines, with estimated reserves of around 120 million tons.

The mine was licensed for exploitation in 2007 to Vietnam-China Metallurgy and Mineral Co. Ltd. (VTM), a joint venture between Vietnamese and Chinese enterprises. Under the original structure, Vietnam Steel Corporation (VNSTEEL) held 46.85%, Lao Cai Mineral Exploitation and Processing Company (LAMICO) owned 8.1%, while China’s Kunming Iron and Steel Holding Co. (KISC) held the remaining 45%.

Data reviewed by The Investor showed that as of May 2026, the Chinese partner had fully exited the joint venture. Replacing the entity is Capital Metal Mining and Processing JSC. The company was established in December 2025 with registered charter capital of VND1.2 trillion ($45.52 million). Its core business is iron ore mining.

Founding shareholders of Capital Metal Mining and Processing JSC include KVS Investment JSC (10%), Hoa Phat Iron and Steel JSC - a member company of Hoa Phat Group (40%), and individuals Tran Dinh Long (10%), Pham Anh Duc (5%), Tran Dang Khoa (25%), Nguyen Manh Tuan (5%), and Nguyen Ngoc Quang (5%).

Tran Dinh Long is chairman of Vietnam's leading steelmaker Hoa Phat Group, listed on the Ho Chi Minh Stock Exchange as HPG, while Nguyen Ngoc Quang currently serves on Hoa Phat’s board. Combined with Hoa Phat’s ownership, the Hoa Phat-related group controls 55% of Capital Metal Mining and Processing.

Notably, Tran Dang Khoa, chairman of Dai Quang Minh Real Estate Corporation, owns 25% of the company.

As previously reported by The Investor, Dai Quang Minh and Hoa Phat, together with Thaco, are members of a consortium behind the proposed Red River Scenic Boulevard project in Hanoi.

The project has preliminary investment capital estimated at over VND736.96 trillion ($27.96 billion) and spans 16 wards and communes along both sides of the Red River.

The development is planned across roughly 11,418 hectares and includes a large-scale landscape boulevard, riverside parks, entertainment complexes, redevelopment urban areas, technical infrastructure, and riverbank rehabilitation works.

Speaking at Hoa Phat’s 2026 annual shareholder meeting, Tran Dinh Long said the project would reshape the Red River corridor with high-rise buildings, green parks, entertainment zones, and public community spaces.

He added that Hoa Phat hopes to contribute to building “a more modern, greener and more livable Hanoi.”

“That is also our pride, having the opportunity to contribute a small part to the overall development of the capital,” Long said.