Vietnam-based steelmaker Tan Viet Quang Company Limited has begun the construction of a stainless steel plant in Que Hai commune in the province of Quang Tri, according to local media.
The plant will have an annual capacity to produce 240,000 mt of stainless steel per year, with a total investment of VND 1.6 trillion ($69.11 million).
The plant which is expected to create 450 direct and 300 indirect jobs is anticipated to achieve a sales revenue of VND 3.6 trillion per year ($155.4 million) and contribute VND 100 billion ($4.31 million) to the state budget per year.
The construction of the project is scheduled to be completed within 14 months.