2:05:57 PM | 29/3/2007
Industrial Parks Management Board in southern coastal Ba Ria-Vung Tau province signed an investment certificate for a US$527.2 million steel joint venture between India’s Essar Group and two Vietnamese firms, Tuoi Tre (Youth) Newspaper reports.
The Vietnamese companies are the country’s biggest steelmaker Vietnam Steel Corp. (VSC) and Vietnam Rubber Corp. (Geruco) Vietnam’s biggest rubber producer.
The steel mill is scheduled to produce two million tons of hot rolled steel per year for the domestic market. Of the total investment, Essar contributes 65 per cent, VSC 20 per cent and Geruco 15 per cent. The project will be carried out in 30 months.
When operational, it will become the first hot rolled steel factory in Vietnam and one of the largest hot rolled steel projects in Southeast Asia. (Youth Mar 28, Vietnam Panorama)
Vietnamese
