Vietnamese giant steelmaker Hoa Sen Group on Wednesday broke ground for a new steel plant in the northern Yen Bai Province’s Tran Yen District. — VNS Photo

Vietnamese giant steelmaker Hoa Sen Group (HSG) on Wednesday broke ground for a new steel plant in the northern Yen Bai Province’s Tran Yen District.

The plant, which is HSG’s fifth steel plant in the northern region, will be located on 20 hectares of land in Minh Quan and Bao Hung communes. It requires an investment of VND1.05 trillion (US$26 million) and will have the capacity to produce 220,000 tonnes per year.

The project is divided into three phases. The first phase, to be completed in September 2018, will have an annual capacity of 64,000 tonnes. The second and the third phases, to be completed by March 2020 and September 2021, will have an annual capacity of 64,000 tonnes and 104,000 tonnes, respectively.

At the ground-breaking ceremony, chairman of the provincial People’s Committee Do Duc Duy said the project highlighted the industrial development in the province. It would contribute to socio-economic development, help raise people’s incomes as well as significantly increase the province’s State budget revenues.

The project will also contribute towards the overall economic development of the northwest region, Duy said. — VNS