Kampuchea Thmey reported that Thep Viet Steel Corporation is set to invest USD 70 million in a steel plant in Cambodia.

Mr Tran Totu chairman of Thep Viet Steel said that "We want the steel factory to begin production in two or three years."

Thep Viet Steel exports 5,000 tonnes of steel per month to Cambodia. Cambodia is reported to have large iron deposits, and Vietnamese companies have been granted concessions to explore for the mineral, a major feedstock for steel production.

Mr Trinh Ba Cam spokesman for the Vietnamese embassy in Phnom Penh said that Vietnamese companies could play a major role in future development in Cambodia. He added that "Vietnamese investment will help fill a need in Cambodian markets because the country is badly in need of steel."

Mr Tann Kin Vin secretary of state for the ministry of industry, mines & energy, said that he had no information about the plant. He added that "We know nothing about the plan, but we think it could not be implemented that quickly because no evaluation study on the availability of iron ore has been conducted. If they do their research, they will be able obtain ore and earn a lot of profit."