Taiwanese Firm to Build US$700Mln Stainless Steel Complex in Vietnam

Taiwanese Firm to Build US$700Mln Stainless Steel Complex in Vietnam

Representatives of Qianding Samoa Co., an arm of Taiwan’s Chien Shing Stainless Group, signed a contract with Vietnam’s Urban & Industrial Park Investment Development Corp. yesterday to lease land for building a stainless steel complex.

According to the contract, Qianding Samoa will lease 50 hectares of land in the My Xuan A Industrial Park in the southern province of Ba Ria Vung Tau to build what will be the first complete stainless steel complex in South East Asia.

The complex, costing US$700 million, will have a designed capacity of 720,000 tons of stainless steel a year.

"This is a large investment project that is encouraged by the government so Qianding Samoa will be granted with an investment license soon," said Phan Huu Thang, head of the Foreign Investment Agency under the Ministry of Planning & Investment.

Vietnam attracted 32 Taiwanese investment projects worth US$78.58 million in the January - April period, bringing up the number of Taiwanese projects in the country to 1,303 with aggregate pledged investment of US$7.39 billion.

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