Malaysian-based conglomerate Lion Group plans to build a steel mill worth $7 billion in Vietnam as part of its regional expansion.
A Lion Group company has teamed up with Vietnam's state-owned Shipbuilding Industry Group to conduct a feasibility study for the project.
Once the feasibility study has been completed and approval has been obtained, a consortium will be formed to undertake the steel plant project, said Lion Corp., the group's main investment holding company in Malaysia.
The project is earmarked for completion within the next 10 to 15 years, the statement said, without providing further details.
The Lion Group is involved in a wide range of businesses from steel to property development. It has operations in the region, including Indonesia, China, Taiwan and Hong Kong, as well as in the United States and Mexico.