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Green light for Vinashin steel mill venture

Hanoi: Vietnamese provincial authorities have licensed a joint venture between Malaysia's Lion Industries and top shipbuilder Vinashin to build a $9.8 billion steel mill, the country's largest joint venture so far, Reuters reports. The move follows hard on the heel of Vinashin backing out of a planned $5bn joint venture with steel giant POSCO of South Korea.

The project takes the total value of steel mill projects licensed so far this year in the Southeast Asian country to more than $27 billion, about half of the country's total new foreign direct investment pledges so far this year. Last month, India's Tata Steel signed a joint venture deal with Vietnam Steel Corp and Vietnam Cement Industries to build a $5 billion steel plant, while Taiwan's Formosa Heavy Industries in June won a licence for a $7.8 billion steel mill in the central province of Ha Tinh.  [22/09/08]

The move follows hard on the heels of Vinashin backing out of planned $5 billion joint venture with South Korean steel giant POSCO.

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