Vinashin Scraps $1b Contract

The State-owned Vietnam Shipbuilding Industry Corporation (Vinashin) has decided to scrap plans to invest $1 billion in a $5 billion steel mill joint venture with 's POSCO, as part of the government efforts to curb rising inflation.  The planned POSCO-Vinashin Steel Complex, located on a 970 hectares area of land in the central province of Khanh Hoa's Van Phong Bay, formed part of the Asian steel giant's ambitious goal to link a `steel belt'' from its home-turf, India, China and Vietnam.

Source:  Korea Times