The precision stainless steel factory will have a total capacity of 260,000 metric tonnes (mt) once fully completed and will be developed over three stages. The company says it will produce two types of stainless steel bands.
Yongjin Metal already has one operational factory in the Tien Giang province of Vietnam, which has an annual production capacity of 250,000mt and cost $135m to develop. It sells cold-rolled stainless steel strips into the European, North American and South East Asian markets.
Yongjin Metal is yet to confirm where the new factory in Vietnam will be located but has said that construction will begin before the second half of 2023.
Founded in 2003, the company has four production bases in China, located in Zhejiang, Jiangsu Fujian and Guangdong. It is also nearing completion on the construction of another factory in Thailand, which is scheduled to start operations in 2023, and is understood to be planning to develop a processing plant in Indonesia.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below formBy GlobalData
The announcement by Yongjin Metal follows a flurry of new manufacturing foreign direct investments in Vietnam unveiled in recent weeks.