Yongjin Metal, a China-based stainless steel supplier, announced that it would invest US$125 million to build a precision stainless steel plant in Vietnam. The new plant will have an annual production capacity of 260,000 metric tons of stainless steel bands, and it will focus on the local market.

Besides the new plant, Yongjin Metal has already put another stainless steel plant in Vietnam into operation since last April, and it mainly supplies products to the EU, North America, and Southeast Asia.