The Saigon Industry Corporation announced the establishment of a $133 million steel production plant in an industrial zone in Ho Chi Minh City. The plant is expected to produce 24,000 tons of cast steel, 16,000 tons of cast iron, 12,000 tons of forged steel and 25,000 tons of plate steel annually. The two-phase plant construction project will use advanced and environmentally friendly technology to meet both domestic and international requirements.     

Recently, the steel industry in Vietnam has come under attack for being wasteful and having "backward technology." Electricity of Vietnam (EVN) accused the steel industry of being the main "culprit" behind the electricity shortage in Vietnam. A study found that only three of 18 steel enterprises were competitive with the world energy-consumption average of 1.6-2.4 GJ per ton of steel produced. Nine private enterprises were believed to consume the least energy (less than 3 GJ per ton), while state-owned enterprises all consumed more than 3 GJ.