The Ministry of Industry and Trade (MoIT) has decided to delete 12 steel projects from the country’s master plan until 2025.
The projects were deemed to be ineffective investments with incapable investors. Many of the projects did not belong to the master plan or were already proposed to be excluded by cities and provinces.
The Ministry of Industry and Trade (MoIT) has decided to delete 12 steel projects from the country’s master plan until 2025
Among those, the largest one is the project to expand the third phase of Thai Nguyen Iron and Steel Corporation because of the investor’s weak financial capacity. The project has an annual capacity of one million of tonnes of cast-iron and sponge iron and one million of tonnes of steel ingots.
Others in the list include Lao Cai steel ingot factory; Thien Thanh cast-iron factory; Viet minerals plant in Cao Bang Province; Kyoei Steel Vietnam Co.Ltd’s steel ingot factory in Ninh Binh Province; and the Vietnam-Italia steel plant’s second phase by Vietnam-Italia Steel JSC.
Along with the removal of ineffective steel projects, the MoIT have also added a number of steel projects which operate effectively into the master plan, including the project to expand the third phase of steel Hoa Phat steel and iron complex.
In the ministry’s draft master plan on steel production by 2025 and vision until 2035, the country’s capacity is currently around 12.57 million tonnes of cast-iron and sponge iron and 12.31 million tonnes of various ingots. By 2020, the production is expected to rise to 21 million tonnes of cast-iron and sponge iron. The figure will rise to 46 million tonnes by 2025 and 55 million tonnes by 2035.
Dtinews
