Vietnam's top steelmaker Hoa Phat races to open new mill this year

Company focuses on higher-value steel for country's emerging auto industry

20240416N Vietnam Hoa Phat

Hoa Phat Group's Dung Quat 2 steel production complex was half finished at the end of March. (Photo by Yuji Nitta)

YUJI NITTA, Nikkei staff writer

HANOI -- Leading Vietnamese steelmaker Hoa Phat Group plans to open its newest mill this year, eager to capture demand from the country's growing automobile industry.

The Dung Quat 2 steel mill was about 50% complete at the end of March, as work on the 85 trillion dong ($3.38 billion) facility proceeds at a fever pitch.

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