German firm VFT Industry UG plans to invest EUR1.5 billion ($1.6 billion) in building a stainless steel factory in the central province of Ha Tinh.
Antonia Zahn-Weber, CEO of the Munich-headquartered firm, mentioned this during a Thursday meeting (local time) in Germany with a Ha Tinh delegation led by the province's Chairman Vo Trong Hai.
Zahn-Weber said the 250-hectare plant with an annual output of 1.1 million tons would be built in Vung Ang Economic Zone.
Using modern technology and applying a circular, eco-friendly and automated model, the investment will match Ha Tinh’s target of sustainable development, she added.
In welcoming the investment, Hai highlighted Ha Tinh’s advantages including the Vung Ang-Son Duong deep-water seaport, which is capable of accommodating ships of up to 300,000 tons; abundant workforce and streamlined administrative procedures. He urged the firm to cooperate with provincial authorities to survey locations for project implementation.
Ha Tinh attracted two foreign direct investment projects with a registered capital of $4.06 billion in the year to September 20, up 359.6% year-on-year, according to the Ministry of Planning and Investment. So far, the province has attracted a total FDI of $12.02 billion in 82 valid projects, the 10th-highest among all 63 localities in investment value.
Ha Tinh, home to a mega steel factory run by Taiwanese firm Formosa, recorded a 4.37% year-on-year growth in its index of industrial production (IIP) in the first eight months of this year, according to provincial data. Stainless steel output in January-August was over 3.31 million tons, up 6.25%.