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Vietnamese firm reveals plans for steel factory

Chea Vannak / Khmer Times Share:
A man works at Hoa Phat steel mill in Hai Duong province, Vietnam June 14, 2016. REUTERS/Kham

Hoa Phat, a Vietnamese steelmaker, has announced plans to build a factory in Preah Sihanouk that will be able to generate 2 million tonnes of steel a year.

The investment plans were announced on Monday by Chu Quang Vu, manager of research and development at Hoa Phat, during a meeting with Preah Sihanouk’s governor Yun Min.

The company is willing to invest $500 million, and expects the project will create 3,000 jobs in the country, Mr Quang Vu said.

“After several months of study, we decided that Stung Hav in Preah Sihanouk is an ideal place for our factory,” he said. “We chose Preah Sihanouk because it has a deep-sea port, which will facilitate the transportation of materials.”

Mr Min welcomed the company’s plans, adding that the province continues to attract foreign investors because of its deep-sea port and reliable electricity and water supply.

“If we can increase the number of factories in the province, many migrant workers abroad will return home to work and live near their families,” Mr Min added.

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