VFT Industry UG from Germany plans to invest €1.5 billion ($1.6 billion) in building a stainless steel plant in north-central Ha Tinh province.

The plan was revealed at a recent working session in Germany between the company’s representatives and a delegation from Ha Tinh province, led by Chairman of the Provincial People’s Committee Vo Trong Hai.

The project will cover 250 ha at the Vung Ang Economic Zone and have an annual output of 1.1 million tons.

Ha Tinh has favorable investment conditions and advantages, the company said, such as convenient transport infrastructure, huge human resources, a long coastline, and a deep-water seaport that can accommodate vessels of up to 300,000 tons.

The two sides agreed to create the necessary conditions for the company to conduct investment procedures and speed up project progress.