On April 23, information from Viet Trung Mineral and Metallurgy Co., Ltd., after the Chinese partner divested capital, a member company of Hoa Phat Group officially joined and took over operations at Viet Trung Mineral and Metallurgy Co., Ltd.
Viet Trung Mineral and Metallurgy Co., Ltd. was previously a joint venture between Vietnam Steel Corporation, Lao Cai Mineral Joint Stock Company and Kunming Iron and Steel Corporation (China).
In the context of the Chinese side withdrawing capital, Capital Metal Exploitation and Processing Joint Stock Company was chosen to replace, receive share transfer and participate in business operations.
This is a business established by Hoa Phat Group at the end of 2025, currently managed by Mr. Tran Van Nam as General Director. The official takeover operation will be implemented from April 20, 2026.
Currently, the capital contribution structure of Viet Trung Mineral and Metallurgy Co., Ltd. includes three members: Capital Metal Exploitation and Processing Joint Stock Company, Vietnam Steel Corporation and Lao Cai Mineral Joint Stock Company.
According to the roadmap, by June 2026, Hoa Phat Group's subsidiary will continue to buy back the entire contributed capital of the remaining two shareholders.
When completed, Viet Trung Mineral and Metallurgy Co., Ltd. will officially switch to a private enterprise model.
Mr. Nguyen Hong Viet - Deputy General Director of Viet Trung Mineral and Metallurgy Co., Ltd. - said that in the transition period from now until June 2026, the business name will still be kept unchanged, production and business activities will be stable and not interrupted.
The participation of Hoa Phat Group's subsidiary in taking over is expected to supplement resources in finance, technology and management, thereby improving the operational efficiency of the large-scale metallurgical project in Lao Cai.
Lao Cai Iron and Steel Factory (under Viet Trung Mineral and Metallurgy Co., Ltd.) started construction in April 2011 and went into operation in 2014. The factory has a total capital of 335.7 million USD (equivalent to more than 6,000 billion VND).
Due to the impact of many reasons such as lack of raw materials, COVID-19 epidemic, financial imbalance... this unit had to stop production from 2022.
After nearly 3 years of having to stop operating, at the end of April 2025, the factory officially reopened the blast furnace and produced the first batches of steel billets.
