Hyosung plans a $1.2 billion project in Vietnam. Photo: fttoday.com.kr
South Korea-based fiber maker Hyosung Corp. is asking for permission to construct a polypropylene (PP) plant and a liquefied petroleum gas (LPG) warehouse in the southern province of Ba Ria – Vung Tau that will have a total investment of $1.2 billion.
If permitted, the South Korean firm will go ahead with the construction in the Cai Mep industrial park on an area of 60.9 hectares, in two phases, according to the Ministry of Industry and Trade.
In the first phase, a PP plant worth $336 million with a designed capacity of 300,000 tons per year and an underground LPG warehouse worth $133 million will be built.
In the second phase, the firm will construct a propane dehydrogenation (PDH) plant and a second PP factory that have respective investments of $496 million and $226 million.
Hyosung is one of the largest industrial conglomerates in South Korea, with a focus on fibers that are used for clothe making, materials for tyres and seatbelts, motors, pumps, carpets and plastic wrapping films.
The corporation is already present in Vietnam with a plant in the southern province of Dong Nai
that produces fibers, electric motors, and transformers.