Steelmaker to invest in $97m factory

Of US$1.28 billion, US$1.25 billion comes from 73 new ones and US$29.5 million (VND 643 billion) is from increased capital of 20 existing projects. Sizeable projects under construction include the Song Lam Cement Factory with a capacity of 4 million tonnes, the Hoa Son Cassava Powder Factory producing 150 tonnes per day, a system supplying untreated water to the clean water plants in Vinh city and the Hoa Sen Steel Sheet Factory. The province also completed some important projects such as the Vinh Airport Passenger Terminal, the National Road 1A and the Railway Flyover. Nghe An is calling for investments for many other projects relating to residential areas, irrigation systems and roads.... [read more]

This was announced by the director of the provincial Department of Planning and Investment, Nguyen Van Do. In the 2010-15 period, levels of investment capital registered in the province more than doubled the figure seen in the two previous years, with some large-scale projects licensed, such as Hoa Sen steel sheet factory, Quynh Lap 1 thermo-electricity plant, the Song Lam cement factory, the Vingroup trade and service complex, and the Vietnam-Singapore Industrial Park (VSHIP) Nghe An, according to the director, as quoted by baodautu.vn. He attributed this encouraging performance to greater efforts by local authorities and other sectors in accelerating administrative reforms, especially reducing the time and expense required to complete investment procedures, in order to better assist investors. In the future, the province will focus on attracting projects that can use high-end technology and create more local jobs, while seeking investors with sufficient financial capacities and a commitment to corporate social responsibility, he added. Earlier, the central province said it had set a target of attracting some VND100 trillion (more than US$4.44 billion) in investment from now until 2020, including VND50 trillion in foreign direct investment (FDI). To achieve this aim, the province will carry out measures to lure investment, as Nghe An considers it a key task in spurring local socio-economic development. Besides facilitating the operations of investors by zoning land for them, offering them incentives and assisting them in recruiting workers and sourcing building material, the province will continue improving its investment environment with the aim of…... [read more]

One of Vietnam’s leading steel producers and traders, Hoa Sen Group is looking to invest in two large-scale steel complexes in Vietnam, which were abandoned by ill-fated foreign investors. The group has just announced that it would seek its shareholders’ approval at the extraordinary shareholders’ meeting on September 6 for taking over a six million tonne steel manufacturing complex in the central province of Ninh Thuan’s Ca Na industrial park (IP). The group estimated the total investment capital for this delayed project at about $3.8 billion. At this upcoming meeting, the discussion issues will also relate to the detailed development phases, the investment model, and technologies, partners and suppliers. Back in September 2008, the Ca Na IP-based steel complex with the annual production capacity of 14 million tonnes was licensed to a joint venture between state-owned Vietnam Shipbuilding Industry Group (Vinashin) and Malaysia’s Lion Group. The joint venture registered $9.8 billion in terms of the total investment capital for this complex, which is known as the largest foreign invested project licensed in Vietnam in that year. The construction of Ca Na complex started two months after its investment certificate was issued. The investors promised to complete the first phase by the end of 2011. However, financial troubles of both partners forced Lion Group to withdraw from the project. In 2011, the Ninh Thuan Industrial Zones Management Authority announced to revoke the investment certificate of Ca Na steel complex. A year ago, chairman of Hoa Sen Group Le Phuoc Vu met…... [read more]

One of Vietnam’s leading steel producers and traders, Hoa Sen Group is looking to invest in two large-scale steel complexes in Vietnam, which were abandoned by ill-fated foreign investors. The group has just announced that it would seek its shareholders’ approval at the extraordinary shareholders’ meeting on September 6 for taking over a six million tonne steel manufacturing complex in the central province of Ninh Thuan’s Ca Na industrial park (IP). The group estimated the total investment capital for this delayed project at about $3.8 billion. At this upcoming meeting, the discussion issues will also relate to the detailed development phases, the investment model, and technologies, partners and suppliers. Back in September 2008, the Ca Na IP-based steel complex with the annual production capacity of 14 million tonnes was licensed to a joint venture between state-owned Vietnam Shipbuilding Industry Group (Vinashin) and Malaysia’s Lion Group. The joint venture registered $9.8 billion in terms of the total investment capital for this complex, which is known as the largest foreign invested project licensed in Vietnam in that year. The construction of Ca Na complex started two months after its investment certificate was issued. The investors promised to complete the first phase by the end of 2011. However, financial troubles of both partners forced Lion Group to withdraw from the project. In 2011, the Ninh Thuan Industrial Zones Management Authority announced to revoke the investment certificate of Ca Na steel complex. A year ago, chairman of Hoa Sen Group Le Phuoc Vu met…... [read more]

Steel-maker Hoa Phat Group Joint Stock Company has revealed plans to kick off the construction of its first VND4 trillion ($179.8 million) steel sheet manufacturing factory in May. As publicised on Hoa Phat Group’s website, the factory will be located at Pho Noi A industrial park in the northern province of Hung Yen. The factory is expected to come into operation in early 2018, after 18 months of construction. Its products will include cold-rolled steel sheets, pre-painted galvanised steel sheets, cold galvanised steel sheets, and galvanised steel sheets, at a total capacity of 400,000 tonnes of products per year. According to the group, the facility will be equipped with modern technology lines imported from Italy, Japan, and Germany. The sizeable investment into a steel sheet factory aims to meet the increasing domestic demand for pre-painted galvanised steel sheets, while simultaneously reaching to supply galvanised steel sheet materials for Hoa Phat’s steel pipe manufacturing factory in Hung Yen. The group was established in 1992, initially focusing on trading construction machinery. It currently has 16 subsidiaries operating in numerous sectors, including steel manufacturing, mining, real estate, furniture manufacturing, and animal feed production. Manufacturing steel and related products is a key business line, making up 80 per cent of the group’s revenue. In 2015, the group earned VND27.8 trillion ($1.25 billion) in revenue, with a profit of VND3.5 trillion ($157.3 million), exceeding by 24 and 8 per cent its targets for last year, respectively. According to industry insiders, Vietnam’s steel sheet output is…... [read more]

On March 17, Vietnamese steel maker Hoa Sen Group held the ground-breaking ceremony of Hoa Sen Ha Nam Steel Manufacturing Factory in Kien Khe I Industrial Cluster, in the northern province of Ha Nam. Covering an area of 20.4 hectares, the factory has the total capital of VND3 trillion ($134.3 million). The project’s construction is divided into two phases and is expected to reach completion in September 2018. The facility will be equipped with production lines employing the modern technology. Once the factory comes into operation, it will produce steel pipes, hot-dipped galvanised steel pipes, uPVC pipes and fittings, and high-density polyethylene (HDPE) pipes at an annual total capacity of over 800,000 tonnes of products for the northern region. On January 8, 2016, the group started the construction of Hoa Sen Nhon Hoi steel sheet factory located in Nhon Hoi Economic Zone, in the central province of Binh Dinh. The 12.4-hectare, $89 million facility is expected to commence operation in June, 2017, and supply 180,000 tonnes of galvanised steel sheets and zinc-aluminium alloys, 90,000 tonnes of colour-coated steel sheets and 200,000 tonnes of cold rolled steel units to the market. In June 2015, Hoa Sen kicked-off the construction of a $229.3 million steel sheet factory in Dong Hoi Industrial Zone, located in the central province of Nghe An. The 35-hectare factory will be equipped with cold rolling mills with an annual capacity of one million tonnes, two galvanised steel production lines with a capacity of 500,000 tonnes per year, a…... [read more]

The central province of Nghe An attracted a positive investment flow totaling 150 trillion VND (more than 6.6 billion USD) during the 2010-2015 period. This was announced by Director of the provincial Department of Planning and Investment Nguyen Van Do. In the 2010-2015 period, levels of investment capital registered in the province more than doubled the figure seen in the two previous years, with some large-scale projects licensed, such as Hoa Sen steel sheet factory, Quynh Lap 1 thermo-electricity plant, the Song Lam cement factory, the Vingroup trade and service complex, and the Vietnam-Singapore Industrial Park (VSHIP) Nghe An, according to the director, as quoted by baodautu.vn. He attributed this encouraging performance to greater efforts by local authorities and other sectors in accelerating administrative reforms, especially reducing the time and expense required to complete investment procedures, in order to better assist investors. In the future, the province will focus on attracting projects that can use high-end technology and create more local jobs, while seeking investors with sufficient financial capacities and a commitment to corporate social responsibility, he added. Earlier, the central province said it had set a target of attracting some 100 trillion VND (more than 4.44 billion USD) in investment from now until 2020, including 50 trillion VND in foreign direct investment (FDI). To achieve this aim, the province will carry out measures to lure investment, as Nghe An considers it a key task in spurring local socio-economic development. Besides facilitating the operations of investors by zoning land for…... [read more]

NGHE AN (VNS) — The central province of Nghe An attracted a positive investment flow totaling VND150 trillion (more than US$6.6 billion) during the 2010-15 period. This was announced by the director of the provincial Department of Planning and Investment, Nguyen Van Do. In the 2010-15 period, levels of investment capital registered in the province more than doubled the figure seen in the two previous years, with some large-scale projects licensed, such as Hoa Sen steel sheet factory, Quynh Lap 1 thermo-electricity plant, the Song Lam cement factory, the Vingroup trade and service complex, and the Viet Nam-Singapore Industrial Park (VSHIP) Nghe An, according to the director, as quoted by baodautu.vn. He attributed this encouraging performance to greater efforts by local authorities and other sectors in accelerating administrative reforms, especially reducing the time and expense required to complete investment procedures, in order to better assist investors. In the future, the province will focus on attracting projects that can use high-end technology and create more local jobs, while seeking investors with sufficient financial capacities and a commitment to corporate social responsibility, he added. Earlier, the central province said it had set a target of attracting some VND100 trillion (more than $4.44 billion) in investment from now until 2020, including VND50 trillion in foreign direct investment (FDI). To achieve this aim, the province will carry out measures to lure investment, as Nghe An considers it a key task in spurring local socio-economic development. Besides facilitating the operations of investors by zoning land…... [read more]

Construction site of the Song Lam Cement Factory project in Nghe An Province. Local authorities plan to inspect 74 projects that are progessing too slowly. — Photo baonghean.vn... [read more]

From the beginning of this year, Nghe An has granted licences to 93 projects with a combined capital of 27,885 billion VND (1.28 billion USD), according to the province’s Department of Planning and Investment. Of 1.28 billion USD, 1.25 billion USD comes from 73 new ones and 29.5 million (643 billion VND) is from increased capital of 20 existing projects. Sizeable projects under construction include the Song Lam Cement Factory with a capacity of 4 million tonnes, the Hoa Son Cassava Powder Factory producing 150 tonnes per day, a system supplying untreated water to the clean water plants in Vinh city and the Hoa Sen Steel Sheet Factory. The province also completed some important projects such as the Vinh Airport Passenger Terminal, the National Road 1A and the Railway Flyover. Nghe An is calling for investments for many other projects relating to residential areas, irrigation systems and roads.-VNA... [read more]




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