Russia’s VSMPO-Avisma, the world’s largest titanium producer, has signed a memorandum of cooperation with Vietnam National Coal-Mineral Industries (Vinacomin) to develop the industry in Vietnam, VSMPO-Avisma said in a statement on Tuesday.
“Vinacomin and the VSMPO-AVISMA Corporation are interested in setting up a joint venture on a parity basis in Vietnam that will focus on establishing high-tech, innovative, and environmentally-safe production capacities to process titaniferous minerals into value-added products,” the statement said.
Details about the joint venture's specific infrastructure, its activities, operation and obligations of the parties, the terms of the deal, and capital share will be discussed after Vinacomin gets its license to develop titanium minerals in the Binh Thuan province.
VSMPO-Avisma, which supplies titanium aircraft parts for Boeing and Airbus, was established in July 2005, when Avisma (Special Aviation Materials, a Soviet-era enterprise) merged with Vsmpo (Verkhnaya Salda Metallurgical Production Association).
The corporation controls one-third of the world's titanium market.