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US group to build $30 bln steel plant in Vietnam

US group Eminence plans to pour $30 billion into building a steel plant and auxiliary establishments in Vietnam's central region, local newspaper Young People reported Wednesday.

Eminence will submit its investment plan, some time in the Q2, to the Vietnamese government for approval. The plan includes $26 billion for the plant and $4 billion for such establishments as a thermoelectric plant, a shipyard, an urban residential area and a research institute, the newspaper quoted Le Dinh Tho, head of the management board of the Nghi Son economic zone in central Thanh Hoa province, as saying. The US group will spend $8 billion building the steel plant from 2007 to 2012, and $18 billion upgrading the plant in the 2013-2020 period. Once completed, the plant will have annual capacity of 30 million tons of steel products, mainly high- class items for export, and employ some 10,000 people. Eminence's future project with a total capital of $30 billion, the biggest-ever foreign-invested project in Vietnam, is expected to be carried out in the economic zone, said the report. By April 22, Vietnam had housed operational 7,086 foreign- invested projects with total registered capital of roughly $64.2 billion. Among 77 foreign countries and regions having investment in Vietnam, Singapore ranked the first with 469 projects totalling nearly $8.8 billion, followed by South Korea and China's Taiwan according to statistics from the Vietnamese Ministry of Planning and Investment. (people.com.cn)