HÀ NỘI — Steel maker Hòa Phát Group will start construction of a cargo container plant in June this year in the southern province of Bà Rịa – Vũng Tàu.
The municipal Department of Planning and Investment on Monday officially granted the business registration certificate to Hòa Phát Container Manufacturing Joint Stock Company. The group has arranged enough capital to implement the project according to the committed schedule.
Though the shipping container market is growing 5 per cent annually, there has been a shortage of supply. In previous years, China had produced 90 per cent of the world’s containers. The country, however, has cut output by 40 per cent over the last two years, despite growing domestic demand. — VNS
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