Hoa Phat unveils $765 million expansion plan for Dung Quat rail steel project

Vietnamese steelmaker Hoa Phat Group is planning to inject an additional VND 20 trillion (approximately $765 million) into its rail and special steel production facility within the Dung Quat Economic Zone, according to local media reports. The expansion will extend the project's footprint by nearly 77 hectares and boost its annual production capacity by 2 million metric tons.

The investment was disclosed during a meeting between Hoa Phat and authorities in Quang Ngai province. The steelmaker currently has seven projects underway in Dung Quat, representing a combined investment of VND 194 trillion (about $7.42 billion). Spanning roughly 710 hectares, these projects are predominantly focused on steel manufacturing and have a total annual capacity of 12.8 million metric tons.