In development of solution made by Russian-Vietnam intergovernmental committee in trade-economic and research-scientific cooperation, in the presence of Vietnamese President Truong Tan Sang, Vietnamese state corporation Vietnam National Coal-Mineral Industries (Vinacomin) signed à Memorandum of understanding with PSC VSMPO-AVISMA Corporation (Russia).
The goal of cooperation was defined as a mutually beneficial development of titanium industry in Vietnam.
Vinacomin and VSMPO-AVISMA Corporation are interested in setting up on a parity basis a joint venture in Vietnam, that is expected to focus on establishing of high-tech, innovative, and environmentally-safe production capacities to process titaniferous minerals into value-added products.
Details concerning the joint venture's specific form, its activities, operation and obligations of the parties, terms of the deal and capital share will be discussed additionally, once Vinacomin gets a license to develop titanium minerals in Binh Thuan province.
Vinacomin is now a milti-sectors business Group under the mother-daughter company model. Vinacomin is assigned for the management and exploitation of natural resources and minerals in Vietnam. It is also one of three state-owned Groups responsible for ensuring national energy security. Business areas: coal industry, Mineral and metallurgical industries, Industrial Explosive Material, Power Industry, Construction materials industry, Engineering industry, Chemical industry, Managing and operating wharves and other business areas. Chairman of the Board of Members - Mr Tran Xuan Hoa.