Korean Cheabol invest US$1 billion in a carbon fiber factory in Ba Ria-Vung Tau
Hyosung Vietnam has unveiled a plan to build a carbon fibre factory with a total capital outlay of up to US$1 billion in Phu My 2 Industrial Park in Ba Ria-Vung Tau Province. The investment in the initial phase is expected at US$160 million.
The plan was announced during a meeting between Nguyen Van Tho, Chairman of Ba Ria-Vung Tau People's Committee, and a high-level delegation from Hyosung Vietnam Co Ltd last week. The discussions focused on procedures to implement the project.
Tho warmly welcomed Hyosung's interest in investing in the province and urged relevant agencies to assist the company in executing its investment plans. He also praised the timely progress of Hyosung's projects in the province, including a polypropylene (PP) factory and an LPG terminal in Cai Mep Industrial Park.
Seoul-based Hyosung is a big foreign investor in Vietnam with a total investment of about US$3.5 billion nationwide, of which Dong Nai and Ba Ria-Vung Tau provinces have received the highest investment, with US$$1.9 billion and US$1.4 billion, respectively.