Sumitomo to set up steel production joint venture in Vietnam

(VOVworld) - Japanese firm Sumitomo Corporation and Vietnamese company SMC are working together on a project to set up a steel processing plant. The US$4 million joint venture will process and distribute high-quality steel for construction projects and serve as an agent for Japanese steel companies selling their products in Viet Nam. The company, set to be launched next month, aims to sell 50,000 tonnes of steel by the end of this year.