Vietnam agrees for $1 billion steel investment

Vietnam agrees for $1 billion steel investment

The government of Vietnam approved the implementation of Thaliand based Tycoons Worldwide Group's $1 billion steel investment project in central Vietnam. The project covers the construction of a steel plant with 5 million tons per annum steel billet processing capacity in the Dung Quat Industrial Zone of central Quang Ngai province, 800 km south from Hanoi. The plant will begin partially operating in mid-2009 but the completion will be in 2015. Vietnam imported 3.2 million tons of finished steel products, spending nearly $1.9 billion only in the first seven months of 2005. The figure accounts for approximately 80% of its total finished steel consumption.