Hoa Sen Group Abandons Steel Plant Plans In Ninh Thuan Province
- Aug 20, 2020-
Hoa Sen Group is backing off from a USD10 billion steel complex in Ninh Thuan Province in Vietnam. Hoa Sen Group will sel wo of six companies that are involved with the Ca Na Steel Project and dissolve the four remaining subsidiaries. Hoa Sen said the project no longer fits the initial vision it had when it proposed the project in 2016, aiming at a capacity of 16 million tonnes of steel a vear.The Ministry of Industry and Trade had included the proiect in the national steel production plan for 2025 with vision until 2035 But in April 2016 Vietnam went through one of its worst environmental disasters caused by a Formosa Ha Tinh Steel in central Vietnam. Prime Minister Nquyen Xuan Phuc in April 2017 demanded tha Hoa Sen's Ca Na steel project be suspended and asked the company and Ninh Thuan authorities to review it.