HCMC – Authorities in Quang Ngai Province have approved a major investment proposal for a steel rail and specialty steel manufacturing project worth VND10 trillion.
The facility will be developed by Hoa Phat Dung Quat Specialty Steel Rail JSC, a subsidiary of local steelmaker Hoa Phat Group, within the Dung Quat Economic Zone.
The 14.79-hectare project is designed with a production capacity of 700,000 tons annually. The investor will contribute VND3.8 trillion in equity, with the remaining capital raised through other sources. The plant is expected to operate for 50 years from the date the land is allocated.
Construction is slated to begin between the third quarter of 2026 and the third quarter of 2028, following land clearance and legal preparations scheduled from Q3 2025 to Q2 2026.
Project authorities have instructed the investor to comply with all technical assessments and environmental regulations, and to collaborate with local military and police forces to ensure national defense and security during construction and operation.
The approval follows Prime Minister Pham Minh Chinh’s visit to Hoa Phat’s Dung Quat Steel Complex in February 2025, during which he encouraged the company to pursue high-quality steel production for national infrastructure, including the North-South high-speed railway.
Once operational, the plant is expected to supply materials for major rail projects, including urban rail systems and the North-South express railway.
