Viet Nam-Italy Steel Joint Stock Company (VIS) plans to invest VND1.658 trillion (US$72.7 million) in three projects to expand its production capacity. — Photo VIS

Viet Nam-Italy Steel Joint Stock Company (VIS) plans to invest VND1.658 trillion (US$72.7 million) in three projects to expand its production capacity, Vietnam News Agency reported.

VIS aims to increase the capacity of its steel and pig iron mills and build new ones through these investments. While 30 per cent of the investment will come from VIS’ capital, 70 per cent will be raised through banking loans.

In the second quarter, VIS plans to invest VND800 billion to build a steel mill with an annual capacity of 500,000 tonnes in Hai Phong City’s Dong Nam Cau Kien Industrial Zone, located in Thuy Nguyen District.

In the fourth quarter, the company will invest VND650 billion to build a steel mill with an annual capacity of 500,000 tonnes in Hung Yen Province’s Pho Noi A Industrial Zone, in Yen My District.

At the same time, it will invest VND208 billion to increase the capacity of its steel mill in Dông Nam Cau Kien Industrial Zone to 600,000 tonnes per year. — VNS