The central province of Quang Ngai has agreed in principle for Belgium’s NV Bekaert SA to build a steel fiber factory in the province.

The Bekaert Viet Nam-Dung Quat steel fiber plant has a total investment capital of more than VND2.9 trillion (US$125 million).

After completing the legal procedures, the project is expected to officially start construction in the third quarter of 2019 and go into operation in 2021.

In addition, the project will produce braided steel fibers, steel cords for reinforcement in tires and improved braided steel fibers for the automotive industry and other industries.

The factory can supply up to 75,000 tonnes per year of braided steel fibers; 1,000 tonnes per year of steel cords and 2,000 tonnes per year of improved braided steel fiber.

This is considered the second largest foreign direct investment (FDI) project in Quang Ngai Province, after the project of Doosan Heavy Viet Nam Co Ltd.

The steel fiber factor will cover an area of 40ha at VSIP Quang Ngai Industrial Park in Tinh Tho Commune, Son Tinh District.

The investment certificate for this project will be officially handed over to the investor next year. — VNS