Japanese steelmaker Nippon Steel and Sumitomo Metal Corporation (NSSMC) has announced that it has established a new subsidiary in Vietnam to strengthen its function in collecting information, supporting steel sales and technology services in the country. The new subsidiary, Nippon Steel & Sumitomo Metal Vietnam Company Limited (NSSMV), is scheduled to open for business on October 1 this year. In addition, NSSMV will establish the Hanoi Representative Office in Hanoi as a branch office by the end of this year.
According to NSSMC, the Vietnamese economy is expected to grow along with the development of social infrastructure. Steel demand in Vietnam is also expected to grow continuously in industries such as infrastructure and energy sectors for investment in social infrastructure with its long-term forecast of growth in the economy.