VN Express reported that Vietnam’s central province of Binh Dinh has approved in principle a project to build a VND 53.5 trillion (USD 2.2 billion) steel plant with an annual capacity of 5.4 million tonnes. Covering an area of 468 hectares in the province’s Hoai Nhon town, the plant, with the Long Son Phu My Steel as investor, will have three development phases, with the first slated for completion in late 2024. The Long Son Steel Complex will produce fabricated steel, construction steel and coil steel. The project will also involve construction of the Hoai Nhon Port to serve the steel plant first and other factories in the future. The port’s construction is estimated to cost VND10 trillion. According to Binh Dinh authorities, the project will help develop the local industry, auxiliary industry, and seaport services, contributing to economic growth across the province and other central coastal and highlands localities.