Korean Cheabol invest $1 billion in a carbon fiber factory in Bà Rịa-Vũng Tàu

July 27, 2023 - 08:29

Hyosung Việt Nam has unveiled a plan to build a carbon fibre factory with a total capital outlay of up to USD$1 billion in Bà Rịa-Vũng Tàu Province.

Hyosung Việt Nam has unveiled a plan to build a carbon fibre factory in Bà Rịa-Vũng Tàu Province. — Photo chungtatech.com.vn

HÀ NỘI — Hyosung Việt Nam has unveiled a plan to build a carbon fibre factory with a total capital outlay of up to USD$1 billion in Phú Mỹ 2 Industrial Park in Bà Rịa-Vũng Tàu Province. The investment in the initial phase is expected at $160 million.

The plan was announced during a meeting between Nguyễn Văn Thọ, Chairman of Bà Rịa-Vũng Tàu People's Committee, and a high-level delegation from Hyosung Vietnam Co Ltd last week. The discussions focused on procedures to implement the project.

Thọ 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 Cái Mép Industrial Park.

Seoul-based Hyosung is a big foreign investor in Việt Nam with a total investment of about $3.5 billion nationwide, of which Đồng Nai and Bà Rịa-Vũng Tàu provinces have received the highest investment, with $1.9 billion and $1.4 billion, respectively. — VNS

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