Tuesday, May 15, 2007
Biggest Foreign Investment in Vietnam So Far
The US-based Eminence Group presented Tuesday its gargantuan plan to invest US$30 billion in a steel complex in the northern province of Thanh Hoax.
If everything runs smoothly, the Eminence-initiated project will the largest piece of foreign investment ever to hit Vietnam, 30 times the size of Vietnam’s largest foreign-invested project to date, the famed $1 billion Intel plant investment.
The complex, to be built in the Nghi Son Economic Zone (EZ), will include an industrial cluster and an urban zone. The industrial sector will be made up of a integrated steel mill, a thermo-electricity plant, a shipyard and a cement plant. The urban zone will host a general hospital, education system, research institutes, high-end hotels and other recreation facilities.
Capital will be sourced from Eminence, financial institutions, global banks and from Thanh Hoa provincial authorities via land-use contribution, the investor said.
Material sources for the steel mill will be imported from Indonesia, China, Australia and Brazil.
Additionally, the investor aims to build up Vietnam-made steel as a global trade mark.
To serve the steel mega plant, Eminence will spend $4 billion in building supporting works like a deep-water seaport, a electricity plant and a shipyard among other facilities.
--Vietnam News Agency
