Vietnam’s Hoa Binh Construction Group has signed a memorandum of understanding (MoU) with Pomina Steel to develop the second phase of Pomina’s steel plant at Phu My 1 Industrial Park.

Covering nearly 40,000 square meters, the project is expected to have an annual capacity of 1.2 million tons of high-quality flat steel products, with construction scheduled to begin in early October of this year.

The partnership combines Pomina Steel’s manufacturing capabilities with Hoa Binh’s expertise in large-scale industrial construction, aiming to improve efficiency, optimize costs and support the long-term development of Vietnam’s steel industry.