News Room - Steel Industry

Posted on 28 Apr 2009

Tata Group mulls more Vietnam investment

       

India’s Tata International Group is considering several large investment projects in Vietnam over the next few years, Chairman Syamal Gupta told Thanh Nien Daily last Friday.

 

“Our projects will focus on various sectors including steel, vehicles and five-star hotels,” he said on the sidelines of the Asian Corporate Conference in Ho Chi Minh City.

 

Tata Steel has been operating in Vietnam since 1997 through its subsidiary NatSteel Vina Co. Ltd. in the northern province of Thai Nguyen.

 

The company and its Vietnamese partners are also preparing for the licensing of a US$5-billion steel plant in the central province of Ha Tinh’s Vung Ang Economic Zone.

 

Tata Steel will hold a 65 percent stake, while Vietnam Steel Corporation (VN Steel) will own 30 percent and Vietnam Cement Industries Corporation (VICEM) 5 percent.

 

Indronil Sengupta, Tata Steel Ltd. chief executive for Southeast Asia, said on Tuesday the company was “bullish on long-term investment in Vietnam and the country’s economy will soon recover.”