VinMetal, Vingroup's Steel Arm, Partners with Primetals for Ha Tinh Complex

Overview

VinMetal, the steel subsidiary of Vingroup (VIC), signed a strategic memorandum of understanding with Primetals Technologies, a global leader in metallurgical technology, on May 7. The agreement covers the development of a large-scale integrated steel complex in Ha Tinh, incorporating advanced, green, and digital steelmaking technologies. This partnership marks a significant step for Vingroup’s expansion into heavy industry and aligns with its ESG commitments.

Key Facts

• VinMetal and Primetals Technologies signed a strategic MOU on May 7, 2025.
• The integrated steel complex will be located in Ha Tinh province’s Vung Ang Economic Zone.
• The facility will produce both long steel and flat steel products.
• Primetals will serve as the Technology Integrator, coordinating technology across the entire steelmaking chain from ironmaking to rolling.
• The partnership aims to reduce technical integration risks and shorten project development timelines.
• VinMetal is led by CEO Pham Nhat Quan Anh, eldest son of Vingroup chairman Pham Nhat Vuong.
• The project targets international standards for advanced, green, and digital steel production.

What Happened

On May 7, VinMetal and Primetals Technologies formally signed a comprehensive strategic cooperation MOU to deploy a large-scale integrated steel production complex in Ha Tinh. The agreement was signed by VinMetal CEO Pham Nhat Quan Anh and Primetals Executive Vice President Kosei Tsuji. Under the MOU, Primetals will act as the overall Technology Integrator, optimizing technology solutions across the entire process chain from ironmaking to finished steel rolling. The partnership also includes coordination of technical interfaces between multiple EPC contractors to ensure seamless integration at the complex scale.

VinMetal stated that the collaboration will significantly reduce technical integration risks inherent in multi-package project models and accelerate project timelines by standardizing technology and financial solutions from the early stages. Beyond technology, the two parties plan to expand cooperation into workforce training, operations and maintenance, and digital transformation to optimize overall operational efficiency and long-term sustainability.

Market Context

Vingroup (VIC), listed on HOSE, closed at VND 177 on April 15, 2026, up 6.95% with volume of 6.36 million shares. The stock has been supported by Vingroup’s diversified portfolio spanning real estate, retail, healthcare, and now heavy industry. The steel project represents a new growth driver for the conglomerate, diversifying away from its core real estate business. The Vietnamese steel sector has seen increased interest from major conglomerates, with Formosa Ha Tinh already operating a large-scale steel complex in the same province.

Strategic Significance

The partnership with Primetals Technologies positions VinMetal to leapfrog into advanced steelmaking technologies, potentially competing with established players like Hoa Phat Group (HPG) and Formosa Ha Tinh. By leveraging Primetals’ global expertise in green and digital steelmaking, VinMetal can differentiate itself on ESG standards, which is increasingly important for international investors and export markets. The involvement of Pham Nhat Quan Anh, the chairman’s eldest son, signals Vingroup’s long-term commitment to the steel venture and succession planning.

What to Watch

• Detailed project timeline and capital expenditure estimates for the Ha Tinh complex.
• Environmental impact assessment and regulatory approvals from Vietnamese authorities.
• Any additional technology or financing partners announced by VinMetal.
• Progress on land clearance and infrastructure development at Vung Ang Economic Zone.
• Vingroup’s Q2 2025 earnings release for updates on capital allocation to the steel project.