Vietnamese carmaker THACO sets sight on $4.1 billion bauxite complex project

Carmaker Truong Hai Group Corporation (THACO), one of the pioneers in the Vietnamese auto industry, has unveiled plans for a VND103 trillion (US$4.1 billion) circular economy complex dedicated to mining and processing bauxite in Lam Dong Province. Dubbed Lam Dong 2 Aluminum Complex, this innovative initiative will unfold across Bao Lam, Da Huoai, Da Teh districts, and Bao Loc City.

Going beyond conventional boundaries, the comprehensive project spans the entire spectrum from bauxite mining and aluminium processing to the restoration of the local environment, cultivation of crops, and the promotion of ecotourism in the region. A significant share, nearly one-third, of the project's substantial capital will be contributed by THACO, with the remaining funding secured through strategic loans.

The Lam Dong 2 Aluminum Complex unfolds in three distinct phases over a decade, with the grand culmination anticipated in 2034. Projections hint at an annual aluminium production capacity of four tonnes post-operation. Notably, across its 50-year timeline, the project will embark on bauxite ore extraction for the initial two decades, subsequently transitioning to external bauxite sources for 30 years, as articulated by THACO.

The car manufacturer is scheduled to meet with the Lam Dong People's Committee this month to present their research findings and implementation plan for the project. They aim to swiftly complete the project feasibility report and submit it to regulators within the first quarter 2024.Nestled in the heart of the Central Highlands region, Lam Dong Province boasts one of the largest bauxite reserves in the area. Currently housing two operational bauxite plants, the province is a pivotal player in the region's mining landscape.