VinMetal partners with Primetals Technologies for integrated steel complex in Ha Tinh

Overview

VinMetal, a subsidiary of Vingroup (VIC), has signed a strategic memorandum of understanding (MOU) with Primetals Technologies, a global leader in metallurgical technology, to develop a large-scale integrated steel complex in Ha Tinh province. The project, targeting first operations in 2027, will produce long and flat steel products using advanced, green, and digital technologies. This partnership marks Vingroup’s significant push into the steel sector, leveraging world-class technology to build a competitive industrial base.

Key Facts

• VinMetal and Primetals Technologies signed a strategic MOU for a large-scale integrated steel complex in Ha Tinh.
• The complex will produce both long and flat steel products with advanced, green, and digital technologies.
• Primetals will act as the Technology Integrator, coordinating technology solutions across the entire steelmaking chain.
• The project is located in the Vung Ang Economic Zone, Ha Tinh province.
• First operations are targeted for 2027.
• Primetals Technologies is a joint venture between Siemens VAI (Germany) and Mitsubishi-Hitachi Metals Machinery (Japan), owned by Mitsubishi Heavy Industries.
• VinMetal aims to supply high-quality steel for domestic industrial and infrastructure development, as well as for export.

What Happened

VinMetal, a steel subsidiary of Vingroup, and Primetals Technologies have entered into a comprehensive strategic MOU to build a large-scale integrated steel complex in Ha Tinh. The agreement was announced by VinMetal’s CEO, Mr. Pham Nhat Quan Anh, who emphasized the goal of creating a modern, synchronized steel complex that meets international ESG standards and drives growth for Vietnam’s metallurgical industry.

Under the MOU, Primetals will serve as the overall Technology Integrator, optimizing technology solutions from ironmaking to steelmaking and rolling, and coordinating technical interfaces among EPC contractors. The partnership also includes plans for workforce training, operation and maintenance, and digital transformation to enhance long-term operational efficiency and sustainability.

Market Context

Vingroup (VIC) shares closed at VND 177 on April 15, 2026, up 6.95% with high volume of 6.36 million shares, reflecting positive market sentiment. The steel sector in Vietnam has been under pressure from global oversupply and weak demand, but Vingroup’s entry with a high-tech, green steel complex could differentiate it from traditional producers. The project aligns with the government’s push for modern industrial development and import substitution.

Strategic Significance

This partnership positions Vingroup to enter the steel industry with a technologically advanced, large-scale facility that could compete regionally. By leveraging Primetals’ expertise, VinMetal aims to mitigate technical integration risks and accelerate project timelines. The focus on green and digital steelmaking aligns with global ESG trends, potentially attracting foreign investment and partnerships. For Vingroup, this diversification into heavy industry reduces reliance on real estate and automotive sectors, broadening its industrial base.

What to Watch

• Progress on project financing and EPC contract awards.
• Updates on construction milestones and timeline adherence to the 2027 target.
• Any additional partnerships or technology licensing agreements.
• Regulatory approvals and environmental impact assessments for the Ha Tinh complex.
• Vingroup’s quarterly earnings reports for capital allocation and debt metrics related to the steel project.