China-based stainless steel supplier Yongjin Metal will invest $125 million to build a precision stainless steel plant in Vietnam, according to media reports.
The plant will have an annual production capacity of 260,000 mt of stainless steel bands.
The company already has another stainless steel plant in the country which started production in April last year. The existing plant supplies steel to the EU, North America and Southeast Asia, while the new plant will focus on the local market.