Tycoons Worldwide Group of China's Taiwan has decided to increase investment capital of its project on building a steel laminating plant in central Vietnam to four billion U.S. dollars from 1.8 billion dollars, local newspaper Pioneer reported Thursday.
Under the project, construction of the steel plant with an annual capacity of manufacturing five million tons of steel products, including stainless and carbon steel, will start in late October in the Dung Quat Economic Zone in central Quang Ngai province.
As much as 80 percent of the future plant's output will be earmarked for the domestic consumption, and the rest for export.
Now, Vietnam has to import around 80 percent of materials for steel production and a large volume of finished steel, according to the country's General Statistics Office.
Source: Xinhua
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