Vietnam has given the green light for South Korea's POSCO Group to build the country's largest steel mill, a project valued at 3.5 billion dollars in its initial stage, state media reported Wednesday.
The hot-rolled steel mill is to be built near Nha Trang in central Khanh Hoa province, where people's committee chairman Vo Lam Phi said the national government had approved its construction, the Vietnam News Agency said.
POSCO, the world's third-largest steelmaker by output, and local ship builder Vinashin will build the mill, which includes a 1,000-megawatt thermal power plant, at the Van Phong container port, a state-run newspaper reported.
The South Korean industrial giant is already building a 1.1-billion-dollar steel plant, set to start operations next year, in the southern industrial Ba Ria-Vung Tau province near the largest city and port, Ho Chi Minh City.