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Vinashin Scraps $1b Contract
Monday, June 30, 2008
The State-owned Vietnam Shipbuilding Industry Corporation (Vinashin) has decided to scrap plans to invest $1 billion in a $5 billion steel mill joint venture with South Korea's POSCO, as part of the government efforts to curb rising inflation. The planned POSCO-Vinashin Steel Complex, located on a 970 hectares area of land in the central province of Khanh Hoa's Van Phong Bay, formed part of the Asian steel giant's ambitious goal to link a `steel belt'' from its home-turf, India, China and Vietnam.
Source: Korea Times
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