A project to construct a VND53.5 trillion (almost $2.16 billion) steel plant with an annual capacity of 5.4 million tons has received preliminary approval from the central province of Binh Dinh.
The plant, which will span 468 hectares in the province’s Hoai Nhon town, will be developed in three phases, with the first expected to be finished in late 2024, according to the Binh Dinh Investment Center.
The steel company will create coil, construction, and fabricated steel.
The project will involve building the Hoai Nhon Port, which will serve the steel plant first and, later, other factories. The estimated cost of construction for the port is 10 trillion VND.
The construction of the steel complex will help create around 5,000 employment and roughly 7,500 after it is operating.
Authorities in Binh Dinh claim that the project would support the expansion of local industry, auxiliary industry, and seaport services, promoting economic growth across the province and other central coastal and highland areas.