A Vietnam-U.S. joint venture, My Duc Ceramics, has opened a plant in Hanoi capable of making 3.2 million square meters (~34.4 million square feet) of enameled tiles per year. My Duc is a joint venture between Morgan Stanley Dean Witter of the U.S. and Ba Ria-Vung Tau Housing Development Co. The local partner has a 25% stake in the venture. The firm, capitalized at $37 million, has invested more than $15 million on equipment from SACMI, an Italian ceramics production machinery firm. My Duc aims to replace imported enameled tiles and break into the U.S. and Australia.