February 20, 2008 -- Australia's Vietnam Industrial Investment Ltd on February 19 received an investment license to build a US$70 million steel ingot plant in the northern port city of Hai Phong.

The plant, capable of producing 500,000 tonnes of product a year, will use environmentally friendly European technology.

After two years of construction, the plant will provide materials for two local steel plants of the Vietnam Industrial Investment Ltd.

Since 1994, Vietnam Industrial Investment Ltd has invested about US$80 million in Viet Nam. Its five steel and metal making projects are operating effectively.

Source: Asia Pulse