NINH THUẬN — VFT Bio Fuels UG, a German company, has proposed an investment to develop a green steel project at the Du Long Industrial Park in Ninh Thuận Province. 

A representative from VFT Bio Fuels UG outlined the scope of the project during a working session with the Ninh Thuận Provincial People's Committee earlier this week.

The project, valued at about US$3.1 billion, aims to produce 1.1 million tonnes of green steel annually, which will be distributed to both Vietnamese and European markets.

The proposed plant will cover 250 hectares of land and will use cutting-edge, environmentally friendly closed-loop technology that is fully integrated. 

This project is expected to create jobs for 500-10,000 workers once fully operational.

In addition, the plant is expected to help reduce carbon emissions, generating carbon credits worth $100 million annually. 

The carbon credit generation is one of the differentiators for this project, according to Trần Quốc Nam, chairman of the Ninh Thuận Provincial People's Committee.

Nam emphasised the province's commitment to supporting such large-scale, sustainable projects, and said that Ninh Thuận is prepared to offer the best possible conditions for investors moving forward.

VFT Bio Fuels UG has also continued exploring other investment opportunities in Việt Nam, with a visit to Cam Ranh Port in Khánh Hòa Province. 

During the visit, the company explored potential collaborations with port operations and logistics services firms to build appropriate cooperation plans. — VNS