Taiwan's Chien Shing Plans US$700Mln in Stainless Steel Plant in Vietnam

Taiwan's Chien Shing Plans US$700Mln in Stainless Steel Plant in Vietnam

Taiwan's Chien Shing Stainless Steel Co. is seeking approval of the Vietnamese government to build a stainless steel factory in the southern province of Ba Ria Vung Tau.

Leaders of the foreign company yesterday already met with Vietnam's Deputy Prime Minister Nguyen Tan Dzung on the project.

"This is a large investment project, which deserves to be subject to Vietnam's investment incentives," said the PM.

However, no more details about the talk have been made available.

As projected, the Taiwanese investor will build the factory costing US$700 million in Ba Ria Vung Tau's My Xuan A Industrial Park and the facility is expected to be the most modern of its type in South East Asia.

Covering 50 hectares, the factory is scheduled to become operational by 2008. It has a designed capacity of 720,000 tons of stainless steel a year and will provide 700 jobs to local laborers.

By the end of 2004, Vietnam had attracted 1,245 Taiwanese investment projects with total pledged investment capital of US$7.23 billion, making Taiwan the second largest foreign investor in Vietnam, after Singapore.

Vietnam posted total laminated steel output of 258,2000 tons in January this year. The figure stood at 2.93 million tons in 2004.

• Youth