Malaysian conglomerate Lion Group and the Vietnam Shipbuilding Industry Corporation (Vinashin) have obtained approval from the authorities in the southern Vietnamese coastal province of Ninh Thuan to build a hi-tech steel complex in the Ninh Phuoc district.
The new steel complex will have an annual production capacity of 14.42 million mt, and will manufacture cold rolled steel, hot rolled steel, plate steel and galvanized steel.
Moreover, the project also includes the construction of two power plants, with a combined capacity of 1,450 MW, and a seaport with a loading capacity of 15 million mt per year.
The $9.8 billion project is scheduled to be built in four stages and is expected to be completed by 2025.