16:13 | 14/11/2016 Investment
Hyosung Corporation of the Republic of Korea has proposed to build polypropylene (PP) factories and a liquid petroleum gas (LPG) storage facility in southern Ba Ria-Vung Tau province.
The Cai Mep Industrial Zone in Ba Ria- Vung Tau province, set to be Hyosung next area of operation with PP factories and LPG storages to be built in future (Photo: banqlkcn.baria-vungtau.gov.vn)
The company recently submitted the proposal to the Ba Ria-Vung Tau industrial zones authority. A source from the Ministry of Industry and Trade (MoIT) said Hyosung Corp wanted to set up the factories and storage facility in the Cai Mep Industrial Zone, in Tan Thanh district. The firm would make a capital investment of 1.2 billion USD, and the two units would occupy a proposed area of 608,910sq.m.
The project will be pided into two phases. The first phase would include the construction of an 133 million USD underground storage facility for LPG and the first PP factory with an annual capacity of 300 million tonnes, at a cost of 336 million USD.
The second phase will include the construction of a second PP factory with an annual capacity of 300,000 tonnes at a cost of 226 million USD as well as a PDH factory worth 496 million USD.
In its proposal, Hyosung Corp has shown its commitment to environmental conservation and guaranteed the quality of its technology and machinery.
Hyosung Corp is one of the RoK’s top 15 companies in the field of textiles, manufacturing spandex and nylon, among other things.
In Vietnam, Hyosung Corp operates factories in Nhon Trach 5 Industrial Zone in Dong Nai province, producing spandex, nylon and polyester threads, and steel wires, steel tire cords, bead wires, saw wires, used in auto manufacturing. Most of their products are exported./.