HÀ NỘI — Vingroup announced on Monday the establishment of VinMetal Joint Stock Company for Manufacturing and Trading, officially entering the metallurgy industry and expanding its existing Industrials and Technology pillar. The new company aims to meet the internal material needs of Vingroup’s ecosystem while contributing to the development of Việt Nam’s heavy industry.

VinMetal is launching with an initial investment of VND10 trillion (approximately US$380 million), with plans to build a high-tech industrial steel production complex in Vũng Áng, Hà Tĩnh. Phase 1 will have a capacity of around 5 million tons per year.

The company will focus on producing steel products for civil construction, including hot-rolled steel, high-strength steel and specialised alloy steels for electric vehicles and high-speed transportation infrastructure. Its flagship products will include high-quality sheet steel and stamped automotive body steel, as well as international-standard rails and structural steel for bridges, ports and railways, targeting import substitution and future exports to regional markets.

VinMetal will initially prioritise supplying materials for Vingroup’s core sectors such as Vinhomes real estate and VinFast electric vehicles. In addition, the company seeks to secure high-quality steel supply for major projects in industry, energy and transportation currently under research and proposal, including the North-South high-speed railway, the HCMC-Cần Giờ line and the Hà Nội-Quảng Ninh route.

In the long term, VinMetal aspires to become a leader in green steel production in Vietnam, applying carbon-reducing technologies and reusing energy from renewable sources. This will not only advance the domestic metallurgy industry but also promote the growth of Việt Nam’s heavy industry as a whole. — VNS