British Firm to Kick off US$1.2Bln Paper Project in the South
The Sang Hoi, British Virgin Island Co. Ltd has just received license from People’s Committee of southern Hau Giang province, to carry out US$1.2 billion paper project, local media reported.
The company will set up LEE&MAN Vietnam Paper Company, located in Song Hai IZ, Chau Thanh district and specializing in buying all kinds of paper products for re-processing.
In the first phrase, LEE&MAN will rent 200 hectares in Song Hau IZ to build a high grade wrapping factory, with designed capacity of 420,000 tons a year.
The factory, capitalized at US$280 million, will come into operation in 2009.
The Sang Hoi said it will pump more than US$920 million into the second and third phases of the project.
In related news, the Industry Ministry approved Vietnam’s paper development plan to 2010, demanding total investment of nearly US$6 billion.
Of the sum, US$5.5 billion will be injected into paper mills, the balance of US$494 million will be for setting up material forests.
Adequate investment is expected to help Vietnam’s paper industry ensure sufficient 600,000 tons of pulp for processing in 2010, and 1.8 million tons in 2020. (Vietnam Economic Times)
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