16:28 | 28/07/2015 Economy
On July 24, President Truong Tan Sang attended an inaugural ceremony for the expanded construction of a steel plant invested by Japanese steelmaker Vina Kyoei in the Phu My I Industrial Park in Tan Thanh district, the southern province of Ba Ria-Vung Tau.
Sang hailed the Vina Kyoei's achievements over the last 21 years, noting that the Japanese investor’s success is also Vietnam’s success.
He said the two governments signed a number of cooperation agreements, especially in industry. The Japanese support and its world leading technology will help Vietnam’s industrial sector to thrive in the coming time, Sang added.
President Sang expressed his belief that with this new project, Vina Kyoei will continue operating effectively and stimulate economic growth in the southern region and Ba Ria-Vung Tau as well.
Since its operations in Ba Ria-Vung Tau in 1994 with investment of US$69 million, Vina Kyoei has manufactured 6 million tonnes of steel for construction and the expansion of the plan is expected to help double the firm’s production.
As the first joint venture between Japan and Vietnam in manufacturing steel, Vina Kyoei targets to increase its annual productivity to 800,000-1,000,000 tonnes of steel to meet the growing demand in the Vietnamese market./.