Leading textile company based in South Korea, Hyosung Corporation has been permitted (with a license for 34 years) to commence the construction of a Polypropylene (PP) plant and a Liquefied Petroleum Gas (LPG) warehouse in Vietnam. The approval has come from the People’s Committee of Ba Ria-Vung Tau Province.
Touted to be a US $ 1.2 billion project, it will be the biggest ever in the region which will cover more than 60 hectares of area. The plant will be built in two phases. In the initial phase, a PP plant will be set up which will produce 55,000 tonnes of ethylene per year, 600,000 tonnes of propylene, 600,000 tonnes of polypropylene.
In the second phase, the textile company will initiate the establishment of a 240,000 tonnes LPG underground depot.
The establishment process is expected to be concluded in the next two years, and be operational by 2021.
It is pertinent to mention here that Hyosung is among the top 15 industrial corporations in South Korea. The company entered Vietnam ten years back and has invested US $ 1.5 billion since then including a textile and industrial raw materials plant at Nhon Trach 5 Industrial Zone in Dong Nai Province.