The Turkish group announced late last year that it is to inject US$250 million to develop a factory in Becamex-Binh Phuoc industrial and urban complex.
During an online press conference held on October 19, Cetin Murat, general director of Hayat Vietnam, said the group has now completed the first phase of the project, by setting up Hayat Vietnam Company with an investment capital of US$100 million that can generate more than 500 jobs.
Murat expressed his hope that the project will receive further support from southern Binh Phuoc province to expand the site in the second phase, in which Hayat is set to launch the world's fifth largest baby diaper brand named Molfix in the Vietnamese market.
The Hayat factory in Vietnam is set to provide FMCG products to other potential markets throughout ASEAN, such as Cambodia, the Philippines, Laos, and Indonesia. Indeed, the total export value of Hayat Vietnam is estimated to be US$50 million per year.
According to Hayat, the Vietnamese factory is anticipated to take on the role of a production hub for Southeast Asia, with approximately 40% of its output being exported to overseas markets such as Thailand and Malaysia.