Nippon Steel & Sumitomo Metal Corporation (NSSMC) has announced that it will be setting up Nippon Steel & Sumitomo Metal Vietnam Company (NSSMV) in response to Vietnam's growing economy and the expected growth of the country's infrastructure and energy sectors.

At the present time, Vietnam is represented by Nippon Steel & Sumitomo Metal (Thailand), which is headquartered in Bangkok.

The new Vietnam company will be a wholly-owned subsidiary of NSSMC and will have offices in Hanoi by the end of 2016.

NSSMV is scheduled to open for business in 1 October 2016. It's aim is to 'strengthen its function in collecting information, supporting steel sales and technology services in Vietnam', according to NSSMC.