President Truong Tan Sang attended a ceremony to inaugurate the expanded construction of a steel plant invested by Japanese steelmaker Vina Kyoei in the Phu My I Industrial Park in Tan Thanh district, the southern province of Ba Ria-Vung Tau on July 24.

Speaking at the event, the President lauded the achievements reaped by Vina Kyoei over the last 21 years in the locality, stressing that the Japanese investor’s success is also Vietnam’s success.

He said the two countries’ governments signed a number of cooperation agreements, especially in industry. With support provided by the Japanese and its world’s leading technology, Vietnam’s industrial sector is expected to develop strongly, he noted.

President Sang said believed that with its newly-inaugurated project, the Vina Kyoei Company will continue to operate effectively and stimulate economic growth in the southern region and the locality in particular.

Since launching operations in Ba Ria-Vung Tau in 1994 with 69 million USD in investment, Vina Kyoei has manufactured 6 million tonnes of steel for construction so far. Its plant’s expansion is expected to help double the firm’s production.

As the first joint venture between Japan and Vietnam in manufacturing steel, Vina Kyoei plans to increase its annual productivity to 800,000-1,000,000 tonnes of steel to meet the increasing demand in the Vietnamese market.-VNA