Vietnam-based steel producer Hoa Phat Group has announced that it has launched its Hoa Tam Industrial Park - Phase 1 and Bai Goc Port projects in Dak Lak Province.
Hoa Phat’s steel expansion strategy
In line with the government’s double-digit growth target, Hoa Phat continues to expand investment, especially in the production of high-quality steel. The company is investing VND 120 trillion ($4.7 billion) in Bai Goc Port and iron and steel complex in Dak Lak between 2025 and 2030.
The iron and steel complex with an annual total capacity of six million mt, divided into two phases. Phase 1 with an annual capacity of three million mt will be implemented from the end of 2025. Once completed, Hoa Phat’s annual steel production capacity will reach 22 million mt, further strengthening Vietnam’s position in the global steel industry.
Meanwhile, the Bai Goc Port Project is also divided into two phases with a total investment of about VND 24,000 billion ($940 million). The project’s infrastructure will include 13 specialized berths with a capacity of up to 250,000 dwt, six general cargo berths with a capacity of up to 50,000 dwt, six liquid/gas berths with a capacity of up to 50,000 dwt and one SPM berth. By 2030, Bai Goc Port will handle 26 million tons of goods per year, directly supporting the industrial ecosystem around Hoa Tam Industrial Park, including oil refining, metallurgy, and energy industries.