Viet­nam could be turned into steel hub, says of­fi­cial

The China Post - - LOCAL -

The in­vest­ments Tai­wan is mak­ing in Viet­nam could help the South­east Asian coun­try be­come the steel hub in the re­gion, Tai­wan’s rep­re­sen­ta­tive to Viet­nam said Mon­day.

Viet­nam could be more com­pet­i­tive thanks to an on­go­ing steel plant pro­ject in­vested in by two Tai­wan-based com­pa­nies — the Formosa Plas­tics Group and China Steel Cor­po­ra­tion — in cen­tral Viet­nam’s HaTinh Province, said Huang Chih-peng.

The pro­ject, aim­ing to pro­duce 28 mil­lion met­ric tons of hot rolled steel per year, could help trans­form Viet­nam into a steel hub in South­east Asia, Huang said.

Once the hot rolled sheets are pro­cessed fur­ther by China Steel’s cold rolled steel fac­tory in south­ern Viet­nam’s Vung Tau Province, the steel can be used by the au­to­mo­bile, man­u­fac­tur­ing and ma­chin­ery sec­tors and boost the coun­try’s heavy in­dus­try, Huang said.

Should the Viet­namese gov­ern­ment de­velop com­ple­men­tary poli­cies, Viet­nam could en­joy the best mar­ket prospects of any South­east Asian coun­try, ac­cord­ing to Huang.

He urged Formosa Plas­tics to get an op­er­at­ing per­mit for its­fac­tory as soon as pos­si­ble and also seek op­por­tu­ni­ties to part­ner with state-owned Viet­nam Oil and Gas Group to re­fine oil to­gether.

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