Vietnam Steel Corp and Tata Steel sign Memorandum of Cooperation

New Delhi, July 6 (UNI) Tata Steel, world's sixth largest and Asia's first integrated steel company, signed a Memorandum of Cooperation (MoC) with Vietnam Steel Corporation (VSC), Vietnam's largest steel company here today.

The MoC was signed between Mr Dau Van Hung, President, VSC and Dr T Mukherjee, Deputy Managing Director of Tata Steel, in the presence of Mr Nguyen Tan Dung and Dr Manmohan Singh, the Prime Ministers of two countries respectively.

While the Government of Vietnam is proactive and keen on setting its economy on a fast growth path, it also wants to achieve this on a sustainable basis.

VSC recognises the development opportunities that can be created with association with Tata Steel, India's premier steel making company and one of the lowest cost producers of steel in the world.

Through this MoC, Tata Steel will co-operate with VSC in the areas of training and development of the VSC employees, assistance in product development, development of Vietnamese markets, sharing of know-how in steel making and mining and will also assist VSC in developing a steel strategy for Vietnam.

Earlier, on May 29, 2007, Tata Steel had entered into a Memorandum of Understanding with VSC for the proposed steel and mining projects in Ha Tinh province in Vietnam.

In this relation, Vietnam Prime Minister Nguyen Tan Dung also visited the Tata Steel plant in Jamshedpur during his current visit to India and reaffirmed his full support to Tata Steel for the projects in Vietnam.

This Cooperation memorandum is another step by Tata Steel to strengthen the partnership with VSC and its commitment to be a 'Partner in Progress' with the Socialist Republic of Vietnam.

Tata Steel is the flagship company of Tata Group, the largest and most respected business house in India having interests in Steel, Automobiles, Telecom, IT, Energy, Hotels. The Tata Group comprises around 90 companies with total turnover of 22 billion dollars, equivalent of around three per cent of India's GDP.

World over, Tata Steel currently has a capacity of around 26 million tonnes per annum including its recent takeover of Corus and has the second largest global distribution network in 45 countries.

Tata Steel aspires to become a 50 Million tonne Steel Company by 2015. UNI BBS SRS DB2011