The von Mises criterion for yield is given by:
\[
\sigma_{\text{vm}} = \sqrt{\frac{1}{2} \left[ (\sigma_1 - \sigma_2)^2 + (\sigma_2 - \sigma_3)^2 + (\sigma_3 - \sigma_1)^2 \right]}.
\]
Substitute the given stresses \( \sigma_1 = \sigma, \sigma_2 = 0, \sigma_3 = -\sigma \):
\[
\sigma_{\text{vm}} = \sqrt{\frac{1}{2} \left[ (\sigma - 0)^2 + (0 - (-\sigma))^2 + (-\sigma - \sigma)^2 \right]} = \sqrt{\frac{1}{2} \left[ \sigma^2 + \sigma^2 + (2\sigma)^2 \right]}.
\]
Simplifying:
\[
\sigma_{\text{vm}} = \sqrt{\frac{1}{2} \left[ \sigma^2 + \sigma^2 + 4\sigma^2 \right]} = \sqrt{3\sigma^2} = \sqrt{3} \sigma.
\]
For plastic yielding, \( \sigma_{\text{vm}} = 700 \, \text{MPa} \), so:
\[
\sqrt{3} \sigma = 700 \quad \Rightarrow \quad \sigma = \frac{700}{\sqrt{3}} \approx 404 \, \text{MPa}.
\]
Thus, the stress \( \sigma \) is approximately \( 404.00 \, \text{MPa} \).