| VinMetal Ha Tinh was selected as a potential candidate to explore the Thach Khe mine. Photo: baodautu.vn |
The Ministry of Industry and Trade (MoIT), on October 18, announced the results of the selection of the unit to submit an application for a mining licence for iron ore at the Thach Khe mine.
Previously, on September 17, VinMetal Ha Tinh JSC submitted the application to the Department for Receiving and Returning Results of Administrative Procedures under the MoIT.
Based on the assessment results of the Department of Vietnam Geological and Mineral Resources, the ministry selected this business as the organisation to submit the application for a mining licence for iron ore at the mine
Located in the former Thach Ha district, now covering Thach Khe, Dong Tien and Thach Lac communes, the Thach Khe mine is considered Vietnam's largest iron ore deposit and one of the largest in Southeast Asia, with estimated reserves of about 544 million tonnes.
The mining and ore processing project was launched in 2008 under Thach Khe Iron JSC with a total investment of approximately VND14.5 trillion ($580 million).
Between 2008 and 2011, the company conducted technology trials and removed overburden at the site. However, in 2011, the project had to be temporarily suspended due to numerous obstacles related to technology, geological conditions, ore transportation methods, economic efficiency, and concerns about environmental impact. In early May 2026, the government requested that the project’s pending obstacles be resolved definitively this year.
Regarding VinMetal Ha Tinh Industrial JSC, it was established in May. Upon its establishment, VinMetal Production and Trading JSC, a Vingroup ecosystem enterprise, contributed $190 million, equivalent to 95 per cent of the charter capital. The remaining two shareholders are Nguyen Minh Hong and Dang Nhat Minh, each contributing VND125 billion, equivalent to 2.5 per cent of the charter capital.
In July, the company increased its charter capital to $360 million.
VinMetal Ha Tinh is a link in Vingroup's strategy to expand into the metallurgical sector. Previously, in October 2025, the group established VinMetal Production and Trading JSC with an initial charter capital of $400 million, and then increased it to $600 million.
This enterprise is currently developing a steel complex in Vung Ang Economic Zone, Ha Tinh province, with a total investment of approximately $3.2 billion. The project has a designed capacity of about six million tonnes of steel per year in the first phase, with a planned expansion to 20 million tonnes per year in the second phase.
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