Bac Viet Steel Company will set up a steel-pipe venture with four Japanese companies with a total investment of 12.78 million USD.

To be known as the Nippon Steel & Sumikin Metal Products Vietnam (NSMV), it will operate in northern Bac Ninh province and will be able to produce 48,000 tonnes of products per year.

Bac Viet Company owns 24 percent of the holdings and Nippon Steel & Sumikin Metal Products Company Ltd, 48 percent.

The establishment is in line with the restructuring of Bac Viet Company to become one of the biggest steel producers in Vietnam.-VNA