Taiwanese steelmaker to invest in Vietnam
The Vietnamese government reportedly agreed in principle to allow Taiwanese steel giant
Samoa Qian Ding Group to invest $650 million in a
stainless steel
production plant in the southern province of Ba Ria-Vung Tau, Vietnam.
The plant, which will be designed to have an annual
production capacity of 720'000 ton, will be the largest
stainless steel
production plant in
Southeast Asia, when completed, sources report.
In recent years, the Vietnamese government has been encouraging steel
investments in the country in an attempt to reduce the country's dependence on imported steel, especially for hot rolled steel products.