Foreign investment flows into steel production
In October 2009, the group put into operation the first phase of a cold-laminated steel plant in the province, which is considered the largest of its kind in Southeast Asia.
According to the Korean Trade, Investment and Promotion Agency (KOTRA) in Hanoi, the project has a total investment of around US$620 million. If it becomes licensed, it could start operating in 2012.
Deputy Prime Minister Hoang Trung Hai has agreed on the project in principle and has authorised it to be added to the Vietnamese steel sector’s development plan for the 2007-2015 period, with a vision for 2025.
Also in steel production, the Japanese group Kobe has been licensed to carry out a US$1 billion project to build a steel plant at the Hoang Mai Industrial Park in the central province of Nghe An.
The two-phase project will see the construction of four steel mills with a total annual output of 2.4 million tonnes.
The plant, which will use raw materials from the Thach Khe Mine in the neighbouring province of Ha Tinh, is expected to go into operation in January 2011.
