MOSCOW (MRC) -- Hyosung Corp. plans to invest USD1.2-billion in a two-phase project, which involves construction of polypropylene (PP) plants and a liquefied petroleum gas (LPG) warehouse at the Cai Mep Industrial Zone in Vietnam, reported Apic-online with reference to the Vietnam Economic Times.
The first phase involves construction of a 300,000-t/y PP plant, at an investment of USD336-million, and a USD133-million underground warehouse for LPG.
In the second phase, Hyosung will build an additional 300,000-t/y PP unit, valued at USD226-million, as well as a USD496-million PDH optical fiber plant. A project schedule was not given.
The company has already submitted an investment proposal to the Ministry of Industry and Trade and is awaiting approval.
"Korea now is the leading investor in Vietnam, with investment capital of about USD50-billion, showing the amazing development in the two countries," said the report citing Ambassador of the Republic of Korea to Vietnam Lee Hyuk. "Exports from Korea to Vietnam far exceed those from Japan, a result that few people think about."
As MRC informed before, Hyyosung is building an additional plant to manufacture PP, which is used in producing plastic containers, drain pipes, and medical syringes. Hyosung will invest about 150 billion won (USD129.09 million) to build the PP 3 plant with an annual production capacity of 200,000 tons at the Yongyeon 1 plant site in Ulsan in 2017. The company started the construction in July 2015 and will complete it as early as the first quarter of 2017.
Hyosung Corporation is a Korean industrial conglomerate, founded in 1957. It operates in various fields, including the chemical industry, industrial machinery, IT, trade, and construction.