Hyosung hoping to invest $1.2bn in Ba Ria Vung Tau

 

If approved, Hyosung will build the plant on an area of 608,910 sq m at the Cai Mep Industrial Zone with investment of $1.2 billion, divided into two phases.

 

Mr. Nguyen Anh Triet, Head of the Ba Ria Vung Tau Industrial Parks Management Board, confirmed with VET that Hyosung has submitted an investment proposal. “They are waiting for approval from the Ministry of Industry and Trade, who will then report to the provincial People’s Committee,” he said.

 

The first phase involves building an underground warehouse containing LPG with investment of $133 million and the first PP plant in the project with investment of $336 million and a capacity of 300 million tons per year.

 

The second phase will build a PDH optical fiber plant with investment of $496 million and a second PP plant with investment of $226 million and a capacity of 300,000 tons per year.

 

The Hyosung Corporation is one of the largest conglomerates in South Korea and specializes in manufacturing fiber for automobile tires, spandex fiber, nylon, steel fiber, and other fiber.

 

In Vietnam it has a factory at the Nhon Trach 5 Industrial Zone in southern Dong Nai province processing fiber (such as spandex, nylon, polyester, and carpet fiber), producing steel fiber for automobile tires (such as tire cord, bead wire, and saw wire), and manufacturing electrical motors.

 

According to the latest report from Foreign Investment Agency under the Ministry of Planning and Investment, South Korea retained its position as Vietnam’s leading source of FDI in the first ten months of this year, with $5.6 billion being invested primarily in the processing and manufacturing sector and the real estate sector.

 

Ambassador of the Republic of Korea to Vietnam, H.E. Lee Hyuk, told the recent Vietnam-South Korea Friendship Seminar, held by VET, that Vietnam and South Korea are in the same boat and need more effort for the development of both sides in the future.

 

The Ambassador said that after diplomatic, political, economic, culture relationships were established there have been many breakthroughs for both parties. “Korea now is the leading investor in Vietnam, with investment capital of about $50 billion, showing the amazing development in the two countries,” he said. “Exports from Korea to Vietnam far exceed those from Japan, a result that few people think about.”

 

Relations between Vietnam and South Korea can be summed up in two words: essential and effective, said Mr. Le An Hai, Deputy Director of the Asia Pacific Market Department under the Ministry of Industry and Trade (MoIT). “For over 24 years, South Korea has accompanied Vietnam in many fields,” he said.