Taiwanese firm eyes big steel project in Vietnam

HANOI, Dec. 24 (Xinhua) -- A leading steel producer from China's Taiwan will invest in building a steel plant with total capital of 1.5 billion U.S. dollars in Vietnam, local newspaper Investment said on Monday.

The plant, to be constructed in June 2008, is expected to come into operation in 2011 with annual capacity of 1.7 billion tons.

The firm, "China Steel", and its Japanese partner Sumitomo Metal Industries are seeking more partners to implement the steel project.

Vietnam imported nearly 6.9 million tons of steel billets and finished steel products totaling 4.3 billion dollars mainly from China, South Korea, Malaysia, the Philippines and Singapore in the first 11 months of this year, up 32.5 percent in volume and 61.5 percent in value over the same period last year, according to the country's General Statistics Office.

Steel makers in Vietnam had a combined annual production capacity of some 6 million tons by late last year, said the Vietnam Steel Association.