Lion, Vinashin to Build $3 Billion Vietnam Plant

A unit of Malaysia's Lion Group and Vietnam's Shipbuilding Industry Group (Vinashin) is seeking permission from the Vietnamese government to build a $3 billion steel plant.

The mill, planned in the southern coastal province of Ninh Thuan, will have an initial capacity of 4.5 million tons a year, which will be increased to 10 million tons by 2025. Vinashin, as Shipbuilding Industry is known, plans to hold a 30% stake in the project, it said.

Vinashin, based in Hanoi, is a state-owned company that builds cargo ships for export. The application is filed by Maju Stabil Sdn., the report said.