South Korea's STX Group said on Tuesday it would set up a manufacturing base in Vietnam, investing $150 million by 2015, to expand its offshore plant

South Korea's STX Group said on Tuesday it would set up a manufacturing base in Vietnam, investing $150 million by 2015, to expand its offshore plant business.

STX Group's three flagship companies, STX Corp., STX Shipbuilding Co. and STX Engine, will invest in the project, said a spokesman from the heavy industry and shipping-focused business group.

The group has 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, the spokesman added. (Reuters)