Vinashin builds iron casting facility

Hanoi: Vietnamese state-run shipbuilder Vinashin has entered a deal with the central Ninh Thuan province to build a US$7.5 billion iron casting facility. Once raised, the behemoth would churn out 8.5 million tons of iron annually in Ninh Phuoc district.In the first stage, between 2008-10, Vinashin (Vietnam National Shipbuilding Corporation) will develop the project at an estimated cost of $1.7 billion. The remaining capital will be injected into expansion of the mill over the next 8 years.  [15/08/07]