Sinosteel Cam S.A. estimates that at least 600 direct jobs and more than 1,000 indirect jobs will be created through the project.

Vietnam spent around 4 billion U.S. dollars importing more than 3.8 million tons of steel and iron in the first four months of this year.

Facing the pressure of increasing uncertainties in the global energy market caused by geopolitical conflicts, China has pledged maximum efforts to safeguard its energy supply.

New energy generated from renewables gains more ground as private firms, SOEs up efforts.

The Boao Forum for Asia (BFA) Annual Conference 2022 which ended on Friday was closely watched by business runners and scholars worldwide as the global economy desperately needs impetus and certainty.

Data from the National Bureau of Statistics showed the country's raw coal output rose 10.3 percent year-on-year to 1.08 billion metric tons in the first quarter.

"The previously pent-up steel consumption will not disappear. It will only be delayed," Shi said.

In north China's Inner Mongolia Autonomous Region, the rugged surface of an exhausted coal mine has received a major face-lift, newly populated by 1.12 million photovoltaic modules, beneath which numerous plants are flourishing.