Hyosung Group To Build Plant In Quảng Nam

QUẢNG NAM — South Korean firm Hyosung Group plans to hold a test-run of its first high-strength industrial tire cord plant for automobile supportive industries at Quảng Nam Province’s Tam Anh Industrial Park in October.

The Chu Lai Open Economic Zone Authority said the plant, which received an investment licence in 2018 for the project worth US$210 million, is set to be put into operation in April of 2020.

The plant has designed capacity of 39,600 tonnes of polyester and nylon yarn and spandex per year. It will also supply material for automobile supportive industries such as tyre cords, seat belt materials and airbag fabric.

The Tam Anh Industrial Park, under management of Chu Lai economic zone, was designed to encourage investment from South Korea.

According to Chu Lai OEZ authority, local car maker Thaco has built up 32 automobile manufacturing and supportive industries factories in Quảng Nam Province to produce various car models.

Last year, Thaco, in co-operation with Korean LS Mtron company (a company of the LS Group from Korea), rolled out the first made-in-Việt Nam tractor at the agricultural machinery manufacturing factory in the province.

Chu Lai OEZ, which was designated as a multi-sector economic zone on 27,000ha, has drawn 43 foreign direct investment projects worth $1.3 billion. — VNS