Three projects by Hòa Phát Group that will cost an estimated VNĐ12 trillion (US$5.1 billion) have been approved in Phú Yên Province. — VNA/VNS Photo Đức Dũng

Three projects, including two in infrastructure, proposed by steel company Hòa Phát Group, have been approved by the Phú Yên Province authorities.

It plans to invest over VNĐ120 trillion (US$5.1 billion) in the South Phú Yên Economic Zone, building Bãi Gốc Port, infrastructure for the Hòa Tâm Industrial Park and an iron and steel complex in the park.

The projects would help foster the province’s socio-economic development, provide over 20,000 jobs and add around VNĐ10 trillion to the local coffers, chairman of Hòa Phát Group, Trần Đình Long, said.

The company is the leading steel producer in Southeast Asia, and also has interests in agriculture, real estate and home appliances.

It is the only Vietnamese producer of hot-rolled coil steel, pre-stressed steel and certain other products.

Its annual capacity is around 8.5 million tonnes, including 5.5 million tonnes of steel billets, construction steel and high-quality steel and three million tonnes of hot-rolled coil steel.

The company has also been building the Hòa Phát Dung Quất 2 Iron and Steel Plant in Quảng Ngãi Province, focusing on hot-rolled coil production using the latest technologies.

When the plant is completed next year, Hòa Phát Group will be among the world’s 30 largest steel producers with an annual capacity of over 14 million tonnes.

Last year Phú Yên was among the 10 fastest growing provinces with a growth rate of 9.16 per cent. — VNS