Vingroup's steel manufacturing company VinMetal increases capital by another VND5,000 billion

According to the business registration change on November 13, VinMetal Production and Trading Joint Stock Company's charter capital increased from VND10,000 billion to VND15,000 billion.

VinMetal was established on October 10, headquartered at Symphony Building, Vinhomes Riverside Urban Area, Phuc Loi Ward, Hanoi City. The founding shareholder was Vingroup (Code: VIC) at that time holding 98% of the charter capital. Mr. Pham Nhat Quan Anh and Mr. Pham Nhat Minh Hoang each held the remaining 1%.

Vingroup expects the new company to meet the internal needs of the Vingroup ecosystem and promote the development of heavy industry in Vietnam. The factory complex is expected to be located in Ha Tinh with a capacity of about 5 million tons/year in phase 1.

Vingroup's VinMetal received an additional 5,000 billion.

In the long term, VinMetal aims to become a green steel manufacturer, applying carbon emission reduction technology, using renewable energy and contributing to promoting the development of the domestic metallurgical industry.

VinMetal will supply materials for Vinhomes real estate and VinFast electric vehicle production. At the same time, the enterprise can proactively supply steel for industrial, energy and transportation projects being studied, including the North-South high-speed railway, Ho Chi Minh City - Can Gio and Hanoi - Quang Ninh.

In addition to increasing capital, VinMetal also appointed Mr. Do Tien Si as the company's General Director. This businessman was born in 1967, graduated with a medical degree from the University of Medicine and Pharmacy in Ho Chi Minh City and has a bachelor's degree in Management & Marketing from Monash University, Australia. He is the younger brother of Mr. Do Duy Thai - Chairman of the Board of Directors of Pomina Steel.

Mr. Si has been involved in the Vietnamese steel industry for over 30 years. He is currently Vice Chairman and General Director of Pomina Steel. In addition, he is also an independent member of the Board of Directors of Mobile World Investment.

Regarding the shareholder structure, Vingroup owns 98% of VinMetal's capital. The two remaining founding shareholders are Mr. Pham Nhat Quan Anh and Mr. Pham Nhat Minh Hoang, each contributing 1% of the capital, equivalent to VND100 billion.

Ngoc Vy

Source: https://vtcnews.vn/cong-ty-san-xuat-thep-vinmetal-cua-vingroup-tang-von-them-5-000-ty-dong-ar987173.html