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Vietnam plans large-scale metallurgical company

Vietnam plans large-scale metallurgical company

Hoa Phat Group Vietnam major manufacturer is planning a big building. The project will be implemented in one of the Central provinces of the country — Quang Ngai. According to preliminary estimates, the project will cost nearly three billion us dollars. Hoa Phat Group plans to build ten such facilities. The main goal of the projects is obvious. The Vietnamese hope, therefore, to reduce the dependence of local production from Chinese suppliers.

CEO of Hoa Phat Group, said: «it is Planned that the initial capacity of the new plant will be four million tons annually. However, it is expected that over time the capacity of the complex will increase to six million tons per year. Thus, Vietnam will reduce the import of steel from China at sixty percent. Which in numbers equals to eighteen million tons.

New complex of Hoa Phat Group will bring to the company two billion dollars. Taxes will account for almost one hundred and eighty billion dollars. The project will provide eight thousand jobs. These data were presented in the press.

The government is actively pursuing a plan to expand production in the country. This caused problems with two Taiwanese firms. They occurred during startup of new steel plants in Vietnam.

So, in the summer of 2016, has been stalled project Taiwan Guang Lian Steel company. The enterprise value amounted to four and a half billion dollars. The project was suspended ten years later, after obtaining a license. The closing occurred of improper execution of works by the firm.

Another metallurgical projects from Taiwan were stopped after the environmental disaster. According to the Vietnamese government, this was the worst disaster in the history of the country. We are talking about the project to Formosa Plastics. Her Vietnamese project was estimated at eleven billion dollars. In 2016, the enterprise is caught in an excessive release of toxins. This has caused an ecological disaster. It has caused a plague over a hundred fish. This resulted in significant economic losses in four provinces.

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