Hyosung Advanced Materials builds new tire cord factory in Vietnam
Tue Nov 06 15:04:56 KST 2018
Hyosung Advanced Materials Co., Ltd. has decided to build a new factory in Quang Nam Province, Vietnam to expand its share in the global tire cord market.
Hyosung Advanced Materials has announced that it will build facilities for the production of polyester and nylon tire cord at the second factory site of the Tam Thang Industrial Zone in Quang Nam Province located in the central part of Vietnam by investing a total of USD 152 million dollars (about KRW 170 billion). The initial capital of USD 30 million will be invested by year-end by Hyosung Advanced Materials Co.
Hyosung established Vietnam Dong Nai Corporation in 2007 in Nhon Trach Industrial Complex, the largest industrial complex in Southern Vietnam near Ho Chi Minh City, and it has invested approximately USD 1.5 billion so far. Hyosung Vietnam Dong Nai Corporation recorded about KRW 1.70 trillion sales in 2017, which account for about 1% of the total exports of Vietnam.
In addition, Hyosung established a production corporation in Ba Ria-Vung Tau Province in Southern Vietnam early this year, investing a total of USD 1.3 billion to build a polypropylene (PP) factory equipped with dehydrogenation (DH) facility, LPG gas storage tank, etc.
Hyosung expects its global competitiveness in exports to be reinforced further by the composite production bases stretching from the southern part to the central part of Vietnam once its investment in Quang Nam Province is completed.
Tire cord is a reinforcement material that is put into car tires for the improvement of safety, durability, and driving performance. The tire cord of Hyosung Advanced Materials is ranked first in the global polyester tire cord market with about 45% market share.
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