10:46 | 26/09/2018 Economy
The Republic of Korea’s Kolon Industries Binh Duong Co. Ltd opened a plant in the southern province of Binh Duong on September 18 to manufacture polyester tyre cord fabrics.
Built at a total cost of US$220 million, the plant is currently able to produce 1,400 tonnes of fabrics each year.
Speaking at the event, Vice Chairman of the provincial People’s Committee Mai Hung Dung said the plant suits the province’s policy of prioritising projects with high added value, modern and eco-friendly technology.
He wished the plant would churn out quality products and pledged all possible support for the company and other investors to do business in the locality.
Earlier, the provincial People’s Committee and Kolon Industries Group signed a Memorandum of Understanding on building a plant manufacturing car tyre belts and air bags worth US$1 billion on a about 42ha at Bau Bang industrial park.
Capital for the first stage from 2017-2018 will be US$220 million while the second stage from 2018-2026 needs US$600 million, and nearly US$1 billion for the third stage.
Founded in 1954, Kolon Industries Group is a multinational corporation focusing on high-tech products such as car tyre belts, air bags and materials used in electronics, electricity and fashion.