Nhan Dan - The Vietnam Steel Corporation (VnSteel), the Vietnam Cement Industry Corporation (VICEM) and the India's Tata Steel Company on August 13 signed a join-venture contract on construction investment of a steel comlex in the Vung Ang Economic Zone, the Central province of Ha Tinh.

According to the contract, Tata Steel will hold a 65% stake of the joint-venture, while VnSteel 30% and VICEM 5%.

The project which is expected to cost US$5 billion is capable of producing 4.5 million-tonnes of steel per year.

Advanced Technology will be used in implementing the project in order to reduce environmental pollution. The project will create jobs for 20,000 well-trained employees.