Chinese firm to invest in 2 billion USD factory in Thanh Hoa
HANOI, VNS/VNA - Chinese steel firm Mintal Group Co. Ltd has expressed a desire to build a 2 billion USD Ferocrom, stainless steel and non-ferrous metal factory in central Thanh Hoa province’s Nghi Son economic zone.
The issue was discussed during a recent meeting between the Mintal Group’s representatives and the provincial People’s Committee .
Specifically, the group will invest in a Ferocrom factory with a capacity of 1.5 million tonnes per year in the first phase and a stainless steel factory with a capacity of 1 million tonnes of steel and 1 million tonnes of non-ferrous metal per year in the second phase.
It is estimated that 80 percent of raw materials for production will be imported from South Africa, while the remaining 20 percent is expected to be purchased in Vietnam.
If the investment plan is approved, the Mintal Group will lease 300ha of land in Nghi Son Economic Zone, near the port area, to construct the factory.
Speaking at the meeting, Chairman of the Thanh Hoa People’s Committee Nguyen Dinh Xung required the Nghi Son economic zone’s management board, provincial departments and agencies to instruct Mintal Group to survey the location and quickly complete relevant documents and procedures, to soon receive the investment policy decision by the provincial People's Committee at the end of September or the beginning of October, when Thanh Hoa province held 2019 investment promotion conference.
However, Xung noted that when investing in this factory, the Mintal Group must commit to Thanh Hoa province on investing and applying the most advanced and modern technology to minimise the impact on the environment, as well as complying with Vietnamese laws on environmental protection.
At the meeting, the Mintal Group and the management board of Nghi Son economic zone and industrial zones also signed a memorandum of understanding (MoU) on investing in the Ferocrom, stainless steel and non-ferrous metal factory.
The Mintal Group is one of the world's leading corporations in manufacturing Ferocrom, stainless steel and non-ferrous metals. Currently, the group has one factory located in China and the second one is planned to be built in the Nghi Son economic zone.-VNS/VNA