At a recent meeting held by the International Economic and Cultural Exchange Club, Zamil Steel Vietnam General Director George E. Kobrossy praised Vietnam’s large and hard working labour force, stable political situation and favourable business environment.

“It is the Vietnamese government’s policy of promoting exports that has encouraged us to invest in the country,” he said.

Mr Kobrossy noted that Vietnam’s fast economic growth has brought about high demand for steel with an average yearly increase of 40 percent, which provides a bright future for steel producers.

Established in 1997, Zamil Steel Vietnam is a joint venture between the Saudi Arabia’s Zamil Steel Industries and Mitsui of Japan. Its first pre-engineered steel building manufacturing facility was built in Hanoi’s outskirt Noi Bai industrial zone in 1999. The company has spent over US$30 million expanding the plant to raise its monthly capacity to 4,500 tonnes.

The company’s yearly revenue increased from US$12 million in 1999 to US$50 million in 2005. It is building its second plant in southern Dong Nai province’s Amata industrial zone, capable of turning out 5,000 tonnes of products per month.