The plant, to be located at the Nam Can Industrial Park, was likely to require VND290 billion (US$17.8 million) for its first phase, the company, known as Vinashincamau, said.
The Ca Mau province-based firm inked the same day a VND900 billion deal to build four 12,500-ton cargo ships for the Southern Shipbuilding Investment and Development Company and the Can Tho Shipping Co. The vessels will be built by 2009.