Taiwanese steelmaker to invest in Vietnam

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.