The investment by the state-run firm will go to two bauxite exploration projects and five refining projects in the Central Highlands province of Dak Nong, the government said in a statement. It did not give a time frame for completion.
The Southeast Asian country, a regional manufacturing hub, started its alumina production more than a decade ago, but there have been concerns about pollution and high electricity consumption.
According to the government, Vinacomin will raise the alumina capacity of its Nhan Co Alumina complex to 2 million tons a year from 650,000 tons.
It will also triple the capacity of the bauxite-alimuna-aluminium Dak Nong complex nearby to 2 million tons of alumina and 0.5-1 million tons of aluminium a year, the government said
Dak Nong province has a reserve of 5.4 billion tons of bauxite, the most common raw material used for alumina and aluminium production, according to state media.
(Reporting by Khanh Vu; Editing by Kanupriya Kapoor)
