Central province eyes $70m stainless steel factory

Thursday, Dec 26, 2019 07:28

Delegates attend the factory's ground-breaking ceremony on Wednesday. — VNA/VNS Photo Nguyen Ly

Domestic firm Tan Viet Quang Co on Wednesday commenced the construction of its factory manufacturing stainless and alloy steel in the central province of Quang Tri.

Built at a cost of VND1.6 trillion (nearly US$70 million), the factory covers 31ha in two communes of Hai Que and Hai Ba in Hai Lang District.

It has a designed capacity of 240,000 tonnes of products each year. Once operational in 2021, it will create nearly 800 local jobs, contributing VND100 billion to the provincial budget annually.

In his speech at the ground-breaking ceremony, the provincial People’s Committee vice chairman Nguyen Quan Chinh praised the factory, saying that it is one of the major projects in the province.

Local authorities will create the most favourable condition for the investor in developing the project as scheduled, he said.

The vice chairman also asked authorities of Hai Que and Hai Ba communes to prepare quality human resources for the factory.

Work on 29 large-scale projects, with total investment capital of nearly VND100 trillion, kicked off in Quang Tri Province this year.

Most of these projects are developed at the province’s South East Industrial Park, which was formed in 2015 on a total area of 23ha, occupying farming land and land in the coastal protected forest in the three districts of Gio Linh, Trieu Phong and Hai Lang. — VNS

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