China-based Zhejiang Yongjin Metal Technologies company plans to increase the investment in Yongjin's subsidiary in Vietnam by 12.71 million dollars with its partner Guangdong Foshan Lianhongyuan Stainless Steel.
Officials announced that Zhejiang Yongjin will control 72% of Yongjin Metal Technology (Vietnam part) after the planned capital increase is completed. In this case, Foshan Lianhongyuan will control the remaining 28%, it was stated.
It is thought that Yongjin will achieve its targets with its Vietnam stainless steel facility. Rolled stainless steel project Beijing Qinye Zhongzhi Technology Co., Ltd. The first overseas project independently completed by China and Vietnam, helping to improve connectivity between China and Vietnam and promote the common development and prosperity of the region.
Data shows that Vietnam Yongjin has stuck to its annual production capacity target of 250,000 tonnes of stainless steel sheets and strips since its founding in April 2019. Leveraging the company's advanced technology research and development capabilities and product innovation, Yongjin will achieve success in its first overseas project. The company's cost and efficiency advantages are reflected in the products, and production is planned for the Southeast Asian market, based in Vietnam.
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