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US group eyes 30-billion-dollar steel mill project in Vietnam

May 16, 2007, 6:59 GMT

Hanoi - A US-based group is likely to invest 30 billion dollars in a steel complex in Vietnam, making it the largest single foreign direct investment project in the communist country, local media reported Wednesday. Eminence Group held a ceremony in Hanoi on Tuesday to present the project, which would be located in Thanh Hoa province, 150 kilometers south of Hanoi, according to Thanh Nien (Young People) newspaper. Construction of the steel mill would be divided into two phases, the first to be implemented from 2007 to 2013 with an investment of 8 billion dollars, and the second from 2014 to 2020 with 18 billion dollars, according to the newspaper. The mill would have a capacity of 30 million tons of steel per annum and would employ 10,000 people. Most of its products would be exported. The group would also invest 4 billion dollars in building other supporting facilities, including a seaport, a power plant, a cement plant, a shipyard, a residential area and an R&D center. The newspaper said Eminence would apply for a license for the project from the government within this month. © 2007 dpa - Deutsche Presse-Agentur

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US group eyes 30-billion-dollar steel mill project in Vietnam

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