In early May 2011, Metal One Corporation (headquartered in Minato-ku, Tokyo; President: Naoto Matsuoka) acquired a permit to establish a company in Vietnam under the name Metal One (Vietnam) Company Limited (MOV) and set up the company shortly thereafter. Its inauguration ceremony is being held today, June 30, in Ho Chi Minh City.
Headquartered in Ho Chi Minh City with a branch office in Hanoi and a business office in Vung Tau, MOV will engage in the steel trade extensively throughout Vietnam.
Under its doi moi (renewal) policy, Vietnam succeeded in introducing the market economy system and internationalizing its economy. After its admission to the WTO in 2007, Vietnam continued to induce foreign investments, industrialize its economy, and put money into social overhead capital, all suggesting high potential for steel demand in the coming years.
The apparent steel consumption (domestic output + imports – exports) in Vietnam maintained a high level of more than 10 million tonnes, reaching approximately 11 million tonnes, in 2010. It remains high this year as well, and consumption of structural steel in particular by the construction and civil engineering sectors has reached about 6.3 million tonnes, up 16% over that the year before, reflecting strong demand. In and after 2011, Vietnam is likely to continue emphatic efforts to develop infrastructure, including electric power supply, roads, and seaports, using funds from overseas and ODA.
Through the new company, the Metal One Group will mobilize all its potential, strive constantly to renovate and optimize its functions and business models, and create a one-stop solution that meets the diverse needs of Vietnam’s construction and civil engineering markets, with a focus on steel demand from infrastructure (particularly ODA-financed) and industrialization projects.
Outline of MOV
||Metal One (Vietnam) Company Limited (MOV)
||Metal One Corporation (100%)
||Head office in Ho Chi Minh City
Branch office in Hanoi
Business office in Vung Tau
||Yutaka Yamashita, general director
||Number of employees: