Long Son iron project stirs up public concern

By Nguyen Tri, Huong Dung
Wed, April 5, 2023 | 3:21 pm GMT+7

Information about the "great project" of Long Son Iron and Steel Complex and its specialized port has caused public concern in the central province of Binh Dinh about the risk of environmental pollution and damage to natural landscapes and relics.

Ho Thi Lanh, a resident of Lo Dieu village, Hoai My commune, Hoai Nhon township – where the complex is expected to be based, said the project would affect local livelihoods dependent on offshore fishing.

Tran Minh Cong, another villager, said that Lo Dieu is home to beautiful beaches and a historical site where no-number ships serving the reunification of the country anchored during the war before April 1975.

“Why don't provincial authorities allow a tourism project for sustainable development instead of a steel one?” he claimed, saying locals want provincial leaders to consider the project carefully.

A beach in Lo Dieu village, Hoai Nhon township, Binh Dinh province, where Long Son Iron and Steel Complex is planned to be built. Photo by The Investor/Nguyen Tri.

A beach in Lo Dieu village, Hoai Nhon township, Binh Dinh province, where Long Son Iron and Steel Complex is planned to be built. Photo by The Investor/Nguyen Tri.

According to Nguyen Trong Vien, head of the village’s front affairs board, the village currently has 563 households with more than 3,000 members, mainly living on offshore fishing, agriculture and forestry. It also owns 180 fishing boats, including 68 offshore vessels.

"People support the province’s policies, but their livelihoods and health must be guaranteed,” he said.

At a recent session of the provincial People's Council, Nguyen Tuan Thanh, permanent vice chairman of the provincial People’s Committee, said the project has just received in-principal approval.

The People's Committee has carefully considered project implementation, he said, adding that technology and environmental impact appraisals will be scrutinized by central agencies including the Ministry of Agriculture and Rural Development, Ministry of Natural Resources and Environment, and Ministry of Science and Technology.

"After that, reports would be submitted to the Prime Minister for consideration and approval. The project must strictly follow all investment procedures, not affect the environment, and obtain local consent," Thanh said.

Currently, the project is in a survey process, so its impacts have not been counted. But in principle, it should not affect the scenic spots and historical relic site of Lo Dieu, he affirmed.

In 2022, the provincial People's Committee approved in principle the project of Long Son Iron and Steel Complex and its specialized port invested by Long Son Phu My Steel JSC, a provincial firm.

As planned, the complex would span 468 hectares, with a total capital of VND53.5 trillion ($2.28 billion). The project consists of three investment phases, with a total capacity of 5.4 million tons per year. Once operational, it would produce high-quality, construction and rolled steel products.

Simultaneously, the investor will fund the construction of Hoai Nhon Port, covering around 497 hectares of land and seawater surface. It is designed to become a specialized port serving complex manufacturing, with a total investment of about VND10 trillion ($426 million).

Comments (0)
  • Read More
Singapore's CapitaLand Development forms strategic partnership with Vietnam's Vinhomes

Singapore's CapitaLand Development forms strategic partnership with Vietnam's Vinhomes

CapitaLand Development has expanded in Vietnam with two major moves - a strategic collaboration agreement with leading local developer Vinhomes and the unveiling of The Fullton, a $800 million low-rise residential project in Hung Yen province.

Real Estate - Tue, May 6, 2025 | 2:56 pm GMT+7

Vietnam's disbursed FDI in 4 months posts five-year record high

Vietnam's disbursed FDI in 4 months posts five-year record high

Registered foreign direct investment (FDI) in Vietnam hit $13.82 billion in the first four months of the year, up 39.9%, while disbursed capital reached $6.74 billion, up 7.3% and marking a record high in five years.

Economy - Tue, May 6, 2025 | 2:12 pm GMT+7

Vietnam's Politburo requests prioritizing administrative measures to handle economic violations, instead of criminal prosecution

Vietnam's Politburo requests prioritizing administrative measures to handle economic violations, instead of criminal prosecution

The Politburo, Vietnam's highest decision-making body, has ordered amendments to legal regulations to ensure that administrative measures are prioritized in handling civil and economic cases.

Economy - Tue, May 6, 2025 | 12:30 pm GMT+7

EC postpones Vietnam’s seafood inspection until year end

EC postpones Vietnam’s seafood inspection until year end

The European Commission (EC) has delayed its fifth inspection of Vietnam's efforts to combat illegal, unreported and unregulated (IUU) fishing to the end of 2025, according to the Ministry of Agriculture and Environment (MAE).

Southeast Asia - Tue, May 6, 2025 | 8:53 am GMT+7

Thailand lowers growth forecast for 2025

Thailand lowers growth forecast for 2025

The Thai Ministry of Finance has cut its forecast for the country’s economic growth this year to 2.1% from 3%, saying that the impact of U.S. tariffs and a global slowdown would weigh on Southeast Asia's second-largest economy.

Southeast Asia - Tue, May 6, 2025 | 8:49 am GMT+7

Vietnam’s top lighting manufacturer Rang Dong posts 48% drop in Q1 profit

Vietnam’s top lighting manufacturer Rang Dong posts 48% drop in Q1 profit

Hanoi-based Rang Dong Light Source & Vacuum Flask JSC, a veteran in Vietnam’s consumer goods sector, reported a 48% decline in Q1 post-tax profit to nearly VND101 billion ($3.9 million), blaming intensifying competition from Chinese imports and foreign-invested enterprises.

Companies - Tue, May 6, 2025 | 8:17 am GMT+7

Vietnam spends $1.8 bln on coal imports in Q1, mainly for power plants

Vietnam spends $1.8 bln on coal imports in Q1, mainly for power plants

Vietnam spent more than $1.8 billion importing 17.27 million tons of coal in Q1, primarily to fuel thermal power plants, according to the General Department of Customs.

Economy - Mon, May 5, 2025 | 10:24 pm GMT+7

Vietnam’s utility major REE records 27% net profit growth in Q1 on power segment surge

Vietnam’s utility major REE records 27% net profit growth in Q1 on power segment surge

Private utility firm REE Corporation posted strong profit growth in Q1, primarily driven by a significant improvement in its power segment compared to the same period last year.

Companies - Mon, May 5, 2025 | 10:00 pm GMT+7

Vietnam to hold first round of trade talks with US on Wednesday

Vietnam to hold first round of trade talks with US on Wednesday

Vietnam will hold its first round of negotiations with the U.S. on bilateral trade Wednesday, Prime Minister Pham Minh Chinh said at the ongoing session of the country's parliament.

Economy - Mon, May 5, 2025 | 4:40 pm GMT+7

Nestlé Vietnam announces new investment in flagship coffee plant

Nestlé Vietnam announces new investment in flagship coffee plant

Nestlé will make an additional investment of $75 million to expand its Nestlé Tri An plant in the southern Vietnam province of Dong Nai, bringing its total investment in the facility over 2024-2025 to $175 million.

Companies - Mon, May 5, 2025 | 4:35 pm GMT+7

Vietnam legislature’s ongoing session to mark 'historic breakthrough in institutional reform'

Vietnam legislature’s ongoing session to mark 'historic breakthrough in institutional reform'

The National Assembly's session which opened on Monday morning will make a critical step forward in institutional reform, paving the way for a new era of modernization, digital transformation, green growth, and sustainable development, said the parliament's Chairman Tran Thanh Man.

Politics - Mon, May 5, 2025 | 3:53 pm GMT+7

Business confidence in Vietnam drops to 44-month low over US tariff concerns: S&P Global

Business confidence in Vietnam drops to 44-month low over US tariff concerns: S&P Global

Business confidence in Vietnam dropped sharply in April to the lowest since August 2021, as manufacturers were concerned about the impact of U.S. tariffs on production in the months ahead, according to S&P Global.

Economy - Mon, May 5, 2025 | 3:24 pm GMT+7

Ford distributor City Auto chairman’s wife plans $5 mln buy to become major shareholder

Ford distributor City Auto chairman’s wife plans $5 mln buy to become major shareholder

Ngo Thi Hanh, wife of Ford distributor City Auto (HoSE: CTF) chairman Tran Ngoc Dan, has registered to buy 6 million CTF shares to increase her ownership to 6.4%, according to the Ho Chi Minh Stock Exchange (HoSE).

Companies - Mon, May 5, 2025 | 11:41 am GMT+7

HCMC street retail spaces vacant despite rent cuts

HCMC street retail spaces vacant despite rent cuts

Street retail spaces in Ho Chi Minh City, Vietnam's economic hub, continue to face persistent vacancies, as they struggle to compete with modern retail spaces that offer a wider array of goods and services.

Real Estate - Mon, May 5, 2025 | 11:14 am GMT+7

State-controlled giant Vietnam Rubber Group reports strong Q1 profit on high latex prices

State-controlled giant Vietnam Rubber Group reports strong Q1 profit on high latex prices

Vietnam Rubber Group-JSC reported a net profit of VND1,184 billion ($45.5 million) in Q1/2025, 2.5 times higher than Q1/2024, which was largely driven by sustained high rubber latex prices amid rising global demand and tight supply.

Companies - Mon, May 5, 2025 | 8:22 am GMT+7

KRX trading system to go live on Monday: A 'pivotal milestone' for Vietnam's market status upgrade

KRX trading system to go live on Monday: A 'pivotal milestone' for Vietnam's market status upgrade

The official launch of the new KRX trading system on May 5, after more than a decade of preparations, will mark a pivotal turning point for Vietnam’s stock market status upgrade, said Nguyen Duy Hung, chairman of leading broker Saigon Securities Inc. (SSI).

Finance - Sun, May 4, 2025 | 10:02 pm GMT+7