On May 19, at the WHA Industrial Zone I in north-central Nghe An province, the Yongjin Corporation held a breaking ground ceremony for the Tan Viet Metal Science and Technology Factory, with investment of $125 million. It is expected to contribute VND1 trillion ($42.6 million) to the provincial budget once operational.

The factory is invested in by the Tan Viet Metal Science and Technology LLC under the YongJin Corporation on a total area of 12.65 ha. It will specialize in precision cold-rolled steel production, with a designed capacity of 260,000 tons of stainless steel a year. The project is expected to begin operations in the second quarter of 2024 and employ some 300 workers.

Mr. Ngo Than Kiet, Director of the Yongjin Metal Science and Technology Company in Zhejiang province, China, emphasized the comprehensive integration of transportation routes in the area making it a gateway for regional and international trade. Under its exceptional investment and business environment, Yongjin is confident in achieving excellence and a bright future in the stainless steel industry.

Speaking at the ceremony, Mr. Nguyen Duc Trung, Chairman of the Nghe An Provincial People’s Committee, said he believes that when the project becomes operational it will play an important role in serving the development of supporting industries and boost budget revenue. It will also create employment opportunities, improve the living standards and incomes of local residents, and promote sustainable export-oriented growth in Nghe An province and the north-central region.

This is a definitive step that contributes to economic restructuring, fully harnessing the potential and advantages Nghe An province holds in order to provide momentum for it to achieve rapid and sustainable development.

Mr. Trung also asked the investor to use modern equipment and apply advanced technology to ensure environmental safety. He also called for proactive proposals and close coordination with the Southeast Economic Zone Management Board in Nghi Loc district and other relevant departments to implement the project in accordance with regulations, ensuring quality, progress, workplace safety, and environmental hygiene.