The Authority of the Da Nang Hi-Tech Park and Industrial Parks has granted an investment license to the Dana-Italy steel plant in the Lien Chieu District-based Hoa Khanh Industrial Park.

Invested by the Dana-Italy Steel JSC, the 931.8 billion VND facility will manufacture non-tempered steel bars and wires, and it will be able to churn out 500,000 tonnes of steel bars and wires a year.

The construction work on the project is set to begin in the fourth quarter of this year, and the project is scheduled to be officially put into operation after one year of construction.

Once fully operational, the new plant is likely to earn an annual average of around 2,600 billion VND in revenue, and contribute nearly 300 billion VND to Da Nang budget every year. It will be highly promised to create job opportunities for more than 100 people in Da Nang.

By TRIEU TUNG - Translated by M.D