Covering 4.6ha in Nhon Hoa Industrial Zone, the new factory will provide 12,000 tonnes of product per year in its first phrase. The second phrase, which is slated for completion by the end of this year, will lift the plant’s capacity up to 24,000 tonnes of product annually.

The new plant played an important role in the company’s development strategy which focused on the domestic market, the group said. It added that besides the North, it would also continue expanding its business in the Central and Highland regions. Binh Dinh was considered as an ideal investment destination due to its huge potential in economic development and its attractive investment climate.

Earlier this year, the company broke ground for its steel plant in the province’s Nhon Hoi Economic Zone. The VND2 trillion (US$97 million) plant will have an annual capacity of 200,000 tonnes when it goes on line in January 2017.