Hyosung Group gets okay for US$1.2-billion project in Vietnam
The project is considered the largest ever in Ba Ria Vung Tau.
South Korea's leading textile and chemical firm Hyosung Group on August 28 received the investment certificate for the US$1.2-billion polypropylene (PP) manufacturing plant located at Cai Mep Industrial Zone in the southern province of Ba Ria - Vung Tau, local media reported.
Illustrative photo.
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The plant is designed to have an annual output of 55,000 tons of ethylene, 600,000 tons of propylene, 600,000 tons of polypropylene in the forms of Homo and Co, 20,000 tons of hydrogen, and other by-products such as steam, inert gas and light hydrocarbons.
The second phase involves building propane dehydrogenation (PDH) plant for $496 million and expansion in the PP plant for $226 million.
The project lifecycle is 34 years, according to the Ba Ria - Vung Tau Industrial Zones Authority, of which, the construction of the storage tank, PP and PDH plants will be completed by the end of 2020 and put into operation in early 2021.
The project is considered the largest investment in Ba Ria Vung Tau so far, the authority added.
As of present, Ba Ria - Vung Tau industrial zone has attracted 362 investment projects with total investment capital of over US$18.2 billion. Of the total, 42 projects have been approved for nearly US$2.1 billion in the first eight months of 2018.
In 2017, the province has 69 new projects, including 29 from foreign investors with investment capital of US$1.5 billion and 40 of local investors with VND29 trillion (US$1.24 billion).
In recent years, Ba Ria - Vung Tau have stepped up effort in attracting investments in priority fields, including industry, seaport, logistics, tourism and high-tech agriculture.
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Vietnam news in brief - August 24
Read The Hanoi Times to stay up to date on developments in Vietnam.
- Growing number of FDI firms moving to Vietnam
- Vietnam Gov’t committed to facilitating Adani Group’s US$2-billion port project
- Vietnam Railway proposes US$87 million for Hanoi–Dong Dang railway upgrade
- Vietnam’s North-South high-speed railway to be designed for 350km/h
- Vietnamese gov’t urged to address impact of global minimum tax
- Samsung plans drastic investment increase in Vietnam over next three years