STX to set up Vietnam facility

South Korea’s STX Group plans to set up a manufacturing base in Vietnam, investing $150 million by 2015, to expand its offshore plant business. STX Group’s three subsidiaries, STX Corp , STX Shipbuilding Co and STX Engine, will invest in the project. The group won the Vietnamese government’s approval to set up a unit, STX-VINA Heavy Industry, which will mostly focus on offshore plant construction. It is yet to be decided whether STX Group would build ships from the Vietnam unit.