HCMC – Vietnamese conglomerate Vingroup has established a new subsidiary named VinMetal, officially marking its entry into the steel manufacturing and trading sector.
With charter capital of VND10 trillion (around US$380 million), the new company aims to build a high-tech industrial steel complex at the Vung Ang Economic Zone in Ha Tinh Province. The first phase is expected to have an annual capacity of about five million tons.
VinMetal will produce construction steel, hot-rolled coils (HRC), high-strength steel, and specialized alloy steel designed for electric vehicle production and high-speed transportation infrastructure.
Key products will include high-quality sheet steel, automotive body stamping steel, rail steel, and structural steel for bridges, ports, and railways. These products are intended to replace imports and eventually serve export markets.
In the near term, VinMetal will supply steel to meet the demand within the Vingroup ecosystem, including Vinhomes in real estate and VinFast in electric vehicle manufacturing.
The group also plans to secure high-quality steel supply for major national infrastructure projects such as the North-South high-speed railway, the high-speed urban railway linking the area in former District 7 and the coastal area of Can Gio, the Hanoi–Quang Ninh route, and several energy and transportation developments under study.
Nguyen Viet Quang, vice chairman and CEO of Vingroup, who also serves as CEO of VinMetal, said the new venture is not merely a steel plant but part of the group’s long-term strategy to support Vietnam’s modern and sustainable infrastructure development.
He added that by investing in foundational industries, Vingroup seeks to help Vietnam advance into a new era in which local enterprises can master technologies, materials, and large-scale project implementation.
Vingroup’s move puts it in the same industry as Hoa Phat Group, led by Tran Dinh Long, currently Vietnam’s largest steel producer and the only domestic company producing rail steel and one of two capable of manufacturing hot-rolled coils.
