Songsan-Vinashin Ltd Co., a joint venture between the Vietnam Shipbuilding Industry Group (Vinashin) and South Korean shipbuilder Songsan C.N.I Ltd Co., has received an investment license from the People's Committee of the northern Vietnamese port city of Hai Phong People to begin steel production for the shipping industry.
The project has a total capital of VND 657 billion ($41.1 million) and will be capable of producing 102,720 metric tons of steel per year.