Hoa Phat Dung Quat Steel JSC of Hoa Phat Group is coordinating with Italy’s Danieli – one of the world’s largest suppliers of metallurgical equipment to consider a project on stainless steel (inox) production, the Vietnam News Agency reported.

According to Deputy Director of the Hoa Phat Dung Quat Steel JSC, Vuong Ngoc Linh, the project is designed with a capacity of 600,000 tonnes per year, which could be increased to one million tonnes per annum, and will be the first modern stainless steel manufacturing plant in Viet Nam.

The plant will be located at the Hoa Phat Dung Quat iron and steel production complex area in Dung Quat Economic Zone in central Quang Ngai province to make use of the available infrastructure.

The project, which will be completed by 2020, aims to increase the value chain of steel products, and reduce imports and dependence on foreign markets.

Preliminary statistics showed that Viet Nam imported about 560,000 tonnes of stainless steel products in 2017, up 10 percent against the previous year, in service of industrial production, mechanics, and consumer products.— VNS