Billionaire Tran Dinh Long to invest $4.8B in central province steel plant

By Minh Son March 4, 2024 | 06:27 pm PT

Hoa Phat Group employees examine steel products. Photo courtesy of Hoa Phat Group

Billionaire Tran Dinh Long, chairman of steelmaker Hoa Phat, plans to invest VND120 trillion (US$4.8 billion) in building a port, an iron and steel complex and an industrial park in central Phu Yen Province.

According to a memorandum of understanding the company signed on March 3 with the province the three projects are Bai Dong Port, Hoa Phat Iron and Steel Complex and Hoa Tam Industrial Park.

Long said they are expected to create 20,000 jobs and contribute VND10 trillion ($400 million) a year to the province’s coffers.

Hoa Phat annually produces 8.5 million tons of steel, including 5.5 million tons of billets, construction steel and high-grade steel, and three million tons of hot-rolled coils.

In 2023 its revenues declined by 6% to VND120 trillion and its profits fell to their lowest levels since 2017 to VND6.8 trillion.