High quality steel factory to be built in Ba Ria-Vung Tau

Japanese and Taiwanese investors have been granted an investment license to build a China Steel Sumiki Vietnam factory in the southern province of Ba Ria-Vung Tau on May 9 by the Project Management Board of Economic Zones in the province.

The factory will cover an area of 109 ha with a total investment capital of US$1.1148 billion and will be capable of producing 1.6 million tonnes a year. This makes it the biggest ever steel facility in the province, surpassing that of the Korean Posco Steel Group, which had a total investment amount of US$1.128 billion and a capacity of 1.2 million tonnes a year.

According to project investors, the steel produced by the factory will be used for ship building, vehicles and electronics. The factory will employ nearly 1,000 workers and contribute US$100 million a year to the State budget.

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