Vietnam’s Largest FDI Project Scheduled to Start

Malaysia’s Lion Diversified Holding Behard Group and Vietnam’s Vinashin Business Group schedule to start building the US$9.8 billion Ca Na steel complex, the largest FDI project in Vietnam so far, in central Ninh Thuan province on November 23.

The hi-tech steel complex, set to cover 1,650 hectares of land and 330 hectares of sea surface in Ca Na area of Ninh Phuoc district, will have an annual capacity of 14.42 million tons a year.

The project investors, Maju Stabil Sdn Bhd, a member of Lion Group, and Vinashin want to set up the Vinashin-Lion Steel Co. Ltd., in the province with total registered capital of VND12.48 trillion (some US$756.363 million) with Maju Stabil holding a 70 per cent stake and Vinashin the remainder of 30 per cent.

Key products from the facility will be cold- and hot-rolled steel, galvanized steel.

The project will be divided into four phases, starting in 2008 and completing in 2025.

 

In the first phase, from 2008 to 2010, the complex will be invested with US$2.87 billion to produce 4.5 million tons of steel per year. The phase will also include the building of two thermo-power plants with a combined capacity of 1,450 MW and a seaport with an annual capacity of 15 million tons.

 

The complex is set to have a lifespan of 50 years and create jobs for around 50,000 people. (vneconomy)