RoK company to invest in gas facilities in Vung Tau

Hyosung Corporation of the Republic of Korea has proposed to build polypropylene (PP) factories and a liquid petroleum gas (LPG) storage facility in southern Ba Ria-Vung Tau province.
RoK company to invest in gas facilities in Vung Tau ảnh 1The Cai Mep Industrial zone in Ba Ria- Vung Tau province, set to be Hyosung next area of operation with PP factories and LPG storages to be built in future (Photo: banqlkcn.baria-vungtau.gov.vn)

Hanoi (VNA) - Hyosung Corporation of the Republic of Korea has proposed to build polypropylene (PP) factories and a liquid petroleum gas (LPG) storage facility in southern Ba Ria-Vung Tau province.

The company recently submitted the proposal to the Ba Ria-Vung Tau industrial zones authority. A source from the Ministry of Industry and Trade (MoIT) said Hyosung Corp wanted to set up the factories and storage facility in the Cai Mep Industrial Zone, in Tan Thanh district. The firm would make a capital investment of 1.2 billion USD, and the two units would occupy a proposed area of 608,910sq.m.

The project will be divided into two phases. The first phase would include the construction of an 133 million USD underground storage facility for LPG and the first PP factory with an annual capacity of 300 million tonnes, at a cost of 336 million USD.

The second phase will include the construction of a second PP factory with an annual capacity of 300,000 tonnes at a cost of 226 million USD as well as a PDH factory worth 496 million USD.

In its proposal, Hyosung Corp has shown its commitment to environmental conservation and guaranteed the quality of its technology and machinery.

Hyosung Corp is one of the RoK’s top 15 companies in the field of textiles, manufacturing spandex and nylon, among other things.

In Vietnam, Hyosung Corp operates factories in Nhon Trach 5 Industrial Zone in Dong Nai province, producing spandex, nylon and polyester threads, and steel wires, steel tire cords, bead wires, saw wires, used in auto manufacturing. Most of their products are exported.-VNA

VNA

See more

The private sector is expected to make breakthroughs for national development. (Photo: VNA)

Party official anticipates breakthroughs in private economic sector

With the Politburo set to issue a dedicated resolution on the private economic sector, there should be a reformed approach to action plans, according to Secretary of the Party Central Committee and head of Head of its Commission for Policies and Strategies Tran Luu Quang.

NCSoft and VNGGames sign a cooperation agreement to develop products in Southeast Asia. (Photo: VNG)

More RoK’s game developers target Vietnam

Over half of Vietnam's nearly 100 million population being gamers and the country's competitive labour costs are among reasons for Korean gaming firms' expanding presence in Vietnam.

Representatives from the Vietnamese Embassy in the UK, LHR leaders, airline partners, and passengers at the anniversary event (Photo: VNA)

Vietnam Airlines marks 10 years of UK route operations

Vietnam Airlines launched its direct UK route in 2011, initially operating from London Gatwick Airport (LGW) before transitioning to Heathrow in 2015, improving connectivity to one of the UK’s major international hubs./.

President of the Cuban Chamber of Commerce (CCC) Antonio Luis Carricarte Corona. (Photo: VNA)

Cuban commerce official optimistic about bright future of Vietnam-Cuba cooperative ties

President of the Cuban Chamber of Commerce (CCC) Antonio Luis Carricarte Corona hailed Vietnam as Cuba’s second-largest trading partner in Asia and its top investor, spotlighting its foothold in the Mariel Special Development Zone via Viglacera. This zone, he noted, is set to become a pivotal hub for Vietnamese investment in the years ahead.

Imported cars seen at the northern port city of Hai Phong. (Photo: VNA)

Ministry proposes tax cuts for some imported cars

This initiative aims to diversify the supply of imported vehicles, foster competition in the domestic market, and align Vietnam’s tax policies with the evolving trends of the automotive industry.

Minister of Industry and Trade Nguyen Hong Dien and Deputy Prime Minister of the Republic of Belarus Anatoly Sivak sign the meeting minutes. (Photo: VNA)

Vietnam, Belarus unveil key solutions to boost trade

Vietnam and Belarus are set to deepen bilateral cooperation in all fields, particularly in economy-trade and science-technology, through their Intergovernmental Committee mechanism, affirmed Minister of Industry and Trade Nguyen Hong Dien.