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Business

Vietnam's steel industry bulks up against China

A Taiwanese-led project by Formosa Plastics Group to start up Vietnam's first blast furnace has been set back by a toxic waste spill.

HANOI -- Vietnam's two largest steelmakers are readying to make multibillion-dollar capacity investments as the Southeast Asian nation tries to build up a domestic counterweight to its high dependence on Chinese steel.

Second-ranked Hoa Sen Group plans to spend $10 billion on production facilities in southern Vietnam's Ninh Thuan, taking advantage of the province's deep-water ports to import raw materials and export finished steel.

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