The project aims to diversify products of the firm and meet increasing demand for plated steel sheets in the market as well as provide materials for its steel pipe factories in Hung Yen.
Construction of the plant is scheduled to be commenced next month and completed in early 2018. It will use advanced technologies of Italy, Japan and Germany, a group representative said.
HPG was named in the Top 10 highly trusted performance enterprises of Vietnam in 2015 by the Enterprise Credit Rating Appraise Science Centre thanks to its steady achievements and great contributions to the national economic development.
It also received many prestigious awards such as top five largest private enterprises in Vietnam, Top 50 enterprises with outstanding business achievements in the ranking V1000, and Top 50 most expensive enterprises.
Last year, the group posted VND27.8 trillion (US$1.34 billion) in revenue and VND3.5 trillion (US$155.6 million) in post-tax profit. It contributed VND2.76 trillion to the State budget, up nearly 26% compared to 2014.