Taiwan's Tycoons to build new plant in Vietnam

Taiwanese steelmaker Tycoons Worldwide Group has applied for a license to establish 5 million tons of steel billet plant in Vietnam. The $1.04 billion plant will be built in Quang Ngai Province's Dung Quat Economic Zone (EZ). The new plant is expected to double the annual demand in Vietnam, reducing the country's reliance on imports. According to EZ officials, the construction of the plant is expected to start in July and come on stream at the end of this year. It will reach full capacity by 2013 after the second phase.