HCMC - Steel maker Vina Kyoei last Friday kicked off construction of a new steel mill with an annual capacity of 500,000 tons in Phu My 1 Industrial Zone in Ba Ria-Vung Tau Province.
The US$220 million facility will be up and running by June 2014.
When in place the new plant will raise the annual steel production capacity of Vina Kyoei to nearly one million tons. It currently has a steel factory with a designed capacity of 450,000 tons a year.
Ba Ria-Vung Tau Province expects the presence of Vina Kyoei will pave the way for more engagement of Japanese investors in the province with long-term projects, said Tran Minh Sanh, the province’s chairman.
The province plans to focus on the development of supporting industries and logistics services in the coming years and Japan’s small and medium-sized enterprises are said to draw the most attention of the province.
Vina Kyoei Steel Co., Ltd, a joint venture between three Japanese firms – Kyoei Co. Ltd, Mitsui & Co. Ltd, and Itochu Corporation – and Vietnam Steel Corporation, started up in 1994.
Source: The Saigon Times