President Triet highlighted the value of the Memorandum of Understanding (MoU) on a steel works in Thach Khe district of Ha Tinh central province between Tata Steel Group and Vietnam Steel Corporation (VSC). He hoped that the MoU would lay a foundation to encourage Indian businesses to invest in other fields, such as telecommunications, mechanics, energy and chemicals.

Mr Triet also expressed his belief that the cooperation between businesses will contribute to the economic relationship between Vietnam and India.

Mr Muthuraman said Tata Steel Group will provide management for Thach Khe plant and expressed the wish to have further partnerships with the VSC. Leaders of Tata Steel Group want to visit Vietnam to seek investment opportunities, he added.

Tata Steel Group is the largest steel producer in India, with around 26 million tones production capacity per year. It has businesses in 45 others countries.