Indian steelmaker Tata Steel on Tuesday signed an agreement with Vietnam Steel Corporation (VSC) to set up a 4.5 million ton plant in Vietnam's Ha Tinh province.
The agreement was signed in Hanoi by Tata Steel Managing Director B. Muthuraman and VSC President Dau Van Hung.
The steel plant will be built over a period of ten years with the objective of strengthening Vietnam's steel industry.
In the new joint venture, Tata Steel will own a majority stake of 65 percent while VSC will hold the remaining 35 percent.