Vietnam, Australian Cos Set up Tile Plant
The Advanced Compound Stone Joint Stock Company (Vicostone) from Vietnam and WK Marble & Granite Pty Ltd from Australia September 27 agreed to build an artificial tile factory in Vietnam, state media said.
The project, with an initial capital of VND700 billion (around US$43.7 million), will be one of the largest factories of this kind in Asia.
Vicostone under the state-owned Vietnam Construction Import-Export Corporation (Vinaconex) will hold 35 per cent stake and the remaining share is to be owned by the Australian partner.
The plant, with the total capital expected to be raised to VND2.43 trillion (US$150 million) from 2009 to 2011, is forecast to produce 2.5 million square meters of tiles a year once fully operational.
Ha Tay-based Vicostone is the biggest ceramic tile producer in Southeast Asia with all of its products exported to over 30 countries and territories across the world.
Australia is Vicostone’s biggest market, accounting for more than 40 per cent of its total exports. The company has started penetrating into Italia, the U.S. and many European countries.
The company has posted an average growth rate of 50 per cent over the past years and is expected to gain an export value of around US$18 million and US$24 million in 2007 and 2008 respectively.
WK Marble & Granite Pty Ltd is a prestigious supplier of advanced compound tiles in the Australian and New Zealand markets. (Transport,
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