The Hoa Phat Dung Quat iron and steel production complex, based in the central province of Quang Ngai, is expected to cost VND52 trillion (US$2.2 billion) and have annual capacity of 4.5 million tonnes.

The project will use state-of-the-art technologies provided by the Netherlands, Italy and Germany.

HPG plans to allocate 30% of the project’s investment capital to environmental components. Once completed, the project is hoped to lift the group to among the world’s top 50 steel producers.

In 2017, the group earned VND46.8 trillion (US$2.05 billion), up 38% from 2016, and hit a record post-tax profit of VND8 trillion (US$351 million), surpassing its target by 33%, up 21% year on year.

Over the past ten years, subsidiaries of HPG have contributed more than VND20 trillion (US$878 million) to the State budget, equivalent to the amount of the central province of Quang Nam, one of the nation’s top 10 contributing provinces.