HANOI -- Vietnamese conglomerate Vingroup announced on Monday its entry into the steel industry with a new subsidiary, which plans to invest $380 million in a 5-million-ton steel plant in the country.
Materials
Vietnam's Vingroup enters steel business to reduce dependence on China
New subsidiary VinMetal plans to invest $380m in a 5-million-ton domestic steel plant
A steel plant in Shanghai: Nearly 60% of Vietnam's iron and steel imports comes from China, the world's biggest producer of the metal. © Reuters
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