Vietnam’s Pomina Steel has signed a memorandum of understanding with Hoa Binh Construction Group for the development of the second phase of its steel plant project at the Phu My 1 Industrial Park.
The second phase will cover a construction area of nearly 40,000 square metres and is designed to produce 1.2 mln tons per year of high-quality flat steel products. Construction is scheduled to begin in early October 2026.
Under the strategic cooperation agreement, the two companies will work together on the implementation of the project. Representatives from Hoa Binh also visited Pomina Steel’s production facilities to review its technology, quality control processes and production capabilities.
The companies said the project is expected to expand Pomina Steel’s production capacity and support the development of Vietnam’s domestic steel manufacturing sector.
Established in 1999, Pomina Steel is one of Vietnam’s major steel producers, manufacturing rebar, wire rod and coated and painted flat steel products. The company currently has annual steel production capacity of around 1.5 mln tons, which is expected to increase significantly following the completion of the 1.2 mln tons per year Phase 2 flat steel project.