Vingroup, Vietnam’s leading private conglomerate, has officially entered the metallurgy sector with the establishment of VinMetal Joint Stock Company for manufacturing and trading, the company announced Monday. VinMetal begins its journey with an initial capital injection of VND 10 trillion.
As part of its strategy, Vingroup plans to develop a state-of-the-art industrial steel production facility at the Vung Ang Economic Zone in Ha Tinh province. The first phase of the project targets an annual production capacity of five million tonnes.
Core product offerings from VinMetal will include hot-rolled steel, high-strength steel, and specialty alloy steels intended for electric vehicles (EVs) and advanced transport infrastructure. Key products will span high-grade sheet steel, stamped automotive body steel, and structural steel meeting international standards for critical infrastructure such as bridges, ports, and railways.
In its initial stage, VinMetal’s production will be directed toward Vingroup’s internal supply chain, supporting the group’s flagship Vinhomes developments and VinFast EV manufacturing. Further down the line, VinMetal intends to serve broader market needs for high-quality steel across industry, energy, and transportation initiatives.
Key projects include Vietnam’s proposed USD 67 billion North-South high-speed railway, and the bullet-train routes proposed by Vingroup’s VinSpeed, such as the Ho Chi Minh City-Can Gio metro (USD 3 billion) and the Ha Noi-Quang Ninh line (USD 5.4 billion).
Vietnam’s steel industry has advanced, with 2024 output forecast at 29.4 million tonnes and export volumes of 12.6 million tonnes—representing year-on-year increases of 6.1% and 13.5%, respectively. Despite such growth, the domestic production of specialized rail-grade steel remains in short supply, notably for major infrastructure developments like high-speed rail.
Imports of finished steel reached about 17.7 million tonnes in 2024, a 32.9% increase from the previous year, with the value of imported steel at over USD 12.6 billion, up 20.6% year-on-year.
Amid these dynamics, VinMetal aims to reduce reliance on imported steel for Vingroup’s projects, while also setting its sights on exporting high-quality steel to regional markets.
Nguyen Viet Quang, vice-chairman and CEO of Vingroup, has also been appointed as chief executive of VinMetal.
