Additional US$600 million poured into Dong Nai

VGP - Hyosung Corporation, a conglomerate of the Republic of Korea (RoK), will invest an additional US$600 million to expand their business in southern Dong Nai province this year, says Executive Director of Hyosung Viet Nam Ltd Co. Yoo Sun Hyung.

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In preparation for the expansion, Hyosung Viet Nam has signed a lease with Viet Nam Urban and Industrial Zone Development Investment Corporation (IDICO) on an extra 22.6 hectares of land in Nhon Trach 5 Industrial Zone, bringing its total area up to 90.6 hectares.

Hyosung Viet Nam Ltd Co. has been operating in Dong Nai for over 7 years with a total registered investment of US$995 million.

Around 90% of its products, mostly fibers of all kinds, are exported worldwide and its tire cord fibers represent 47% of the global market share.

In 2014, the company generated over US$1 billion in revenue.-VNA