Vietnam could be turned into steel hub, says official
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.