May 31 2007
POSCO concluded Memorandum of Understanding for cooperation on feasibility study of Vietnam Integrated Steelworks with Vina-shin Group, which is the largest state-run shipbuilding company on 23.
With CEO Ku-Taek Lee and Vietnam Chief Vice Prime Minister Nguyen Sinh Hung watching that day, President Seok-Man Yoon and Chairman Pham Thanh Binh of Vina-shin Group signed MOU and promised mutual cooperation.
Accordingly, POSCO and Vina Shin Group jointly plan to survey and analyze feasibility throughout construction and operation of integrated steelworks including investigation of site and harbor, review of technologies and facilities, raw material procurement, and market supply and demand etc. And, feasibility study for construction of Vietnam Integrated Steelworks of POSCO, which is proceeded by the official request of Vietnam Government last November, can be more embodied by the cooperation of Vina shin Group that has abundant experiences in local regional characteristics and market, and related infrastructure etc.
In the congratulatory address representing Korean entrepreneurs in the official event of Vietnam day held on 23, CEO Ku-Taek Lee said that Vietnam would be the promising growth market not only in the steel industry but also in many business fields and wished that Korea and Vietnam develop companionship relation one step further by promoting mutually win-win business actively.
Vietnam Day has been held in Korea for 5 days starting on 21 with representatives of political and economic circles of both countries in attendance sponsored by Vietnam Chamber of Commerce in order to solidify cooperation further in the future entering upon 15th anniversary of diplomatic tie of Korea and Vietnam.
Especially, Vina-shin Group, a state-run enterprise under direct control of the prime minister`s office of Vietnamese Government, is holding more than 100 subsidiaries including the largest shipbuilder in Vietnam as Mother Company, shipping, engineering and construction companies.
Meanwhile, POSCO received approvals for cold rolling mill of a capacity of 1,200,000 ton per annum and hot rolling mill of a capacity of 3,000,000 ton per annum together last November, and will start construction work of the first phase of cold rolling mill in Phu My II Complex, Vung Tau Province close to Hochiminh City which is the largest area of steel demand and the central city of economy in Vietnam this year.