Last updated: 16:37 - November 21, 2006
Australia-invested steel plant inaugurated in southern province http://www.nhandan.com.vn/english/business/211106/property_australia.htm
An AUD 136 million (US $101 million) steel plant was inaugurated at the Phu My Industrial Zone No 1 in southern Ba Ria-Vung Tau province on November 20.
This is the biggest investment project of Australia in Vietnam. It is also part of BlueScope Steel Group's AUD 2 billion overseas investment programme. Australian Prime Minister John Howard, who was in Vietnam to take part in the 14th APEC Economic Leaders' Meeting, attended the inauguration ceremony and cut the ribbon.
The plant, which is first to produce steel plated with a zinc and aluminum alloy in Vietnam, is capable of turning out 175,000 tonnes of steel per year.
Addressing the ceremony, PM John Howard said this was evidence of the increasing economic co-operation between Vietnam and Australia. Two-way trade between the two countries is expected to reach US $5 billion in the 2005-2006 period. (VNA)
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