Gov't Approval Sought for USUS$1Bln Steel Project

The Ministry of Planning and Investment (MPI) has proposed the Prime Minister to agree with the establishment of Tycoons Worldwide Steel Vietnam Co., Ltd to build and operate a rolling steel plant with total cost of US$1.039 billion.

 

If approved, the plant, to be capable of turning out five million tons of steel a year, will be constructed in central Quang Ngai province’s Dung Quat Economic Zone on an area of 455ha.

 

The two-phase project will be carried out in ten years. The investor plans to pour US$539 million in the first three-year phase of the construction so that the plant can produce two million tons a year, and US$500 million into the second phase to raise the capacity to five million tons a year.

 

Earlier this month, the Prime Minister has agreed with the Taiwanese steel market Tycoons Worldwide Group’s plan to implement this project in the Dung Quat Economic Zone.
Investment