Delegates at the groundbreaking ceremony. — VNA/VNS Photo

Việt Pháp Steel Corporation held the groundbreaking ceremony for the ‘Việt Pháp Steel Production Plant 2’ project on Tuesday at the Nam Đình Vũ Industrial Zone in northern city of Hải Phòng.

Mai Minh Nguyệt, Chairwoman and CEO of Việt Pháp Steel Corporation, said the plant covers a total area of 75,000 sq.m and has nearly US$45 million allocated for Phase 1.

It has an annual production capacity of up to 350,000 tonnes of steel products.

This is a significant step in enhancing the company’s production capacity to meet the growing demand in domestic and international markets.

The plant will also adopt the latest manufacturing technology from international partners, ensuring high standards of quality, efficiency and environmental friendliness.

Its strategic location near major seaports and national transportation networks will shorten delivery times, optimise logistics costs and increase the competitiveness of Vietnamese products in global markets.

Việt Pháp Steel Corporation has successfully exported steel products to many major global markets and was recognised as a National Brand in 2024.

Lê Trung Kiên, Head of the Hải Phòng Economic Zone Management Board, said that the project will contribute to the supply chain, reinforcing the city’s role in import-export activities and creating new jobs, driving socio-economic growth.

Hải Phòng has attracted a cumulative total of $32 billion in foreign direct investment (FDI). The 2021-24 period accounts for about half of this capital.

This highlights Hải Phòng’s increasingly attractive investment environment for foreign and domestic investors.

The total FDI in Hải Phòng is projected to reach around $4 billion by 2024. — VNS