Hyosung Group, the South Korea based textile enterprise, recently got approval to build its polypropylene plant in Vietnam that costs US $ 1.2 billion.
Reportedly, the manufacturing plant will be set up at the Cai Mep Industrial Zone, which is located in the southeast region of Ba Ria-Vung Tau province.
The first phase will see Hyosung investing US $ 133 million to build an underground LPG storage tank that has a capacity of 240,000 tonnes. During this phase, a polypropylene plant will also be built at an investment of US $ 336 million.
The polypropylene plant is expected to have an yearly production of 600,000 tonnes of polypropylene and propylene each, and 55,000 tonnes of ethylene in the form of Homo and Co. Additionally, the plant will annually produce 20,000 tonnes of hydrogen.
In the second phase, Hyosung will be investing US $ 496 million to set up a propane dehydrogenation plant. Besides, there will be focus on further expanding the polypropylene plant at a cost of US $ 226 million.
According to the authorities of the industrial zone, both the plants and the storage tank are expected to be completed by the year 2020 and be operational by early 2021.
Notably, this is so far the largest investment in the Ba Ria-Vung Tau province.