News

Tuesday, 06/03/2012 14:35

Sumitomo sets up steel production joint venture in Vietnam

Japanese Sumitomo group plans to establish a joint venture with the SMC Company in Ho Chi Minh City in Vietnam in April 2012 that will specialize in supplying and distributing steel for major projects.

Sumitomo said it will cooperate with some Japanese companies in producing steel for investors and the SMC Company will be in charge of setting up offices, workshops and warehouses.

Demand for steel in the construction of highways, railways and high-rise buildings is expected to rise by 60 per cent to 8 million tonnes in 2013 as compared to 2010.

Sumitomo will focus on producing high-quality steel for use in Vietnam in order to earn around $125 million in revenue by 2015.

Nippon Steel & Sumikin (NISC) and Marubeni-Itochu Steel (Benichu) are also keen to set up joint venture plants in Vietnam.

vir

Other News

>   Vietnam to become Asian leading motorbike production base? (06/03/2012)

>   Concerns remain among business leaders for 2012 (05/03/2012)

>   Garment makers prepare to deal with tough year (05/03/2012)

>   The tycoons, ill fame and the debts (05/03/2012)

>   Tra fish production on decline, Vietnam may fall out from the No 1 position (05/03/2012)

>   Rich potential for tra fish exports (03/03/2012)

>   EU free trade agreement to boost VN economy (03/03/2012)

>   March CPI predicted to rise by 0.5 per cent (03/03/2012)

>   Vietnamese consumption habits change because of lighter purse (03/03/2012)

>   $100m fund to target Kingdom’s growth (02/03/2012)