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Taiwanese steel producer to set up Vietnam joint venture
China Steel, Taiwan's largest steel producer, said Friday it agreed to invest US$292.74 million in a joint venture in Vietnam.
China Steel said it will take a 51 percent stake in the manufacturing facilities, which are expected to roll out 1.6 million tons of cold rolled steel products a year, a company spokesman said.
“The investment is aimed at taking Vietnam's geographic proximity to gain easier access to the ASEAN Free Trade Area market,” he said.
ASEAN refers to the Association of Southeast Asian Nations.
China Steel's partners in the project, capitalized at $574 million, will include Sumitomo Metal Industries, Sumitomo Corp. and several Taiwanese companies.
The project is awaiting approval from Vietnamese authorities, the spokesman said.
Thanhnien
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