Vietnamese steel firm Hoa Phat Group received approval on Monday to build a steel complex worth 60 trillion dong ($2.7 billion), the company said in an online statement.

The complex in the central province of Quang Ngai is expected to take four years to build and to produce 4 million tonnes of steel products a year, it said.

Hoa Phat took over the project from Guang Lian Steel Vietnam, which has delayed the project for 10 years, the statement said.