World's Largest Tirecord Producer Plans $160Mln Plant in Vietnam
South Korea’s Hyosung Corp, the world’s biggest tirecord manufacturer, said Thursday it will invest $160 million to build a tirecord plant in Vietnam to meet rising demand in the EU, Asia and Latin America countries, media in Seoul said.
Hyosung, occupying 30 per cent of global market share, will establish a local unit named Hyosung Vietnam Co. with initial capital of $6 million.
The balance of $154 million will be injected into developing the plant, which is scheduled to have annual capacity of 53,000 tons by 2010, an official from Hyosung said.
However, the corporation has not yet revealed the location of the plant in Vietnam.
Hyosung said it chose Vietnam because of cheap labor available there. It is now operating manufacturing plants in the US, China, Latin America and the EU.
Tirecords are produced for the rubber tire industry to strengthen product’s durability. (Seoul media Jun 7)
Vietnamese
