11:29:22 AM | 23/10/2007
NS Hanoi, a Japan wholly-invested steel factory, has recently started operation in the northern Vietnam, which will manufacture shaped steels and cold-rolled steel products to the local market, Dau Tu newspaper reported on October 22.
The steel mill, located in Bac Ninh province’s Que Vo industrial zone, has a total investment of $7 million and a registered capital of $3 million, and 90 per cent of the investment are held by the Nippon steel trading company and the remaining by Nippon Steel company.
Over 75 per cent of Japanese companies investing in Vietnam select the fast growing economy as the best investment destination in Southeast Asia for the coming 5-10 years, said a recent survey by the Japan External Trade Organization (JETRO).
Vietnam ranked second, just behind India, in Asia and was listed highest among ASEAN countries, where Japanese manufacturers expect to make higher profits in 2007, the JETRO noted.
This year, Vietnam is forecast to need 4 million tons of steel in 2007, up 11 per cent on-year, and the country’s steel sector is estimated to manufacture 2.3 million tons of steel, meeting 50 per cent of the country’s total demand.
“The steel industry is expected to produce 11 million tons of finished steel a year by 2010 and 25 million tons by 2025, to meet the domestic demand and for exports,” the government said. (Investment)
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