German company VFT Industry UG has unveiled a plan to build a stainless-steel factory with a total investment of 1.5 billion euros (US$1.6 billion) in the central province of Hà Tĩnh.

The 250-hectare factory is expected to produce 1.1 million tonnes per year and would be built in the Vũng Áng Economic Zone.

According to the Munich-headquartered company, the factory will use modern technology and apply a circular, eco-friendly and automated model.

VFT Industry UG, a big player in carbon reduction technology, is actively engaged in collaborations with Southeast Asian countries such as the Philippines and Indonesia. The company is now eyeing investment opportunities in Việt Nam.

In a recent meeting with Hà Tĩnh’s delegation in Germany, VFT Industry UG’s leader highlighted the favourable conditions in Hà Tĩnh Province, notably the Vũng Áng-Sơn Dương deep-water seaport which is capable of accommodating ships of up to 300,000 tonnes, abundant workforce and streamlined administrative procedures.

Hà Tĩnh reported a Gross Regional Domestic Product (GRDP) of 7.68 per cent growth in the first nine months of the year, claiming the 15th spot out of 63 provinces and cities nationwide. — VNS