Business

RoK group adds 100 million USD investment in Da Nang

Covering about 11 hectares, the project will manufacture BCF yarn, commercial carpets and automotive floor carpets, with an annual capacity of 16,800 tonnes of BCF yarn and approximately 7.8 million sq.m of carpets.

At the signing ceremony of a memorandum of understanding on cooperation between VinFast and HS Hyosung. (Photo: VNA)
At the signing ceremony of a memorandum of understanding on cooperation between VinFast and HS Hyosung. (Photo: VNA)

Da Nang (VNA) - The Republic of Korea's HS Hyosung on September 29 broke ground on a 100 million USD plant producing BCF yarn and carpets at Tam Thang Industrial Park in Thang Truong commune, Da Nang City.

Covering about 11 hectares, the project will manufacture BCF yarn, commercial carpets and automotive floor carpets, with an annual capacity of 16,800 tonnes of BCF yarn and approximately 7.8 million sq.m of carpets.

The project will be implemented in two phases. Partial operations are expected to begin in the fourth quarter of 2027, with the second phase scheduled to come into operation in the second quarter of 2029. The plant is expected to create at least 200 direct jobs for local workers.

Speaking at the groundbreaking ceremony, Vice Chairman of the Da Nang People's Committee Phan Thai Binh said the project is significant not only to HS Hyosung but also to the city's industrial development, foreign investment attraction and expansion of its development space.

He noted that the project reflects HS Hyosung's continued confidence in Da Nang's investment environment, following the successful operation of its existing projects in the city.

With the new investment, HS Hyosung's total investment in the former Quang Nam and Da Nang area will rise from 472.2 million USD to approximately 572.2 million USD.

The project will also expand the company's product portfolio from tire cord and airbag fabrics to BCF yarn, carpets and automotive interior products, helping build a more integrated production base to meet diverse market demand.

Park Jung Kon, General Director of HS Hyosung Quang Nam Co., Ltd., said the company had completed all investment-related licensing and approval procedures and was moving into the construction phase.

The company plans to proceed with construction and equipment installation while closely coordinating with local authorities and partners to ensure progress, quality, and safety.

Phan Thai Binh said Da Nang would continue to accompany HS Hyosung, VinFast and other businesses in the value chain, providing support and creating favorable conditions for their long-term investment, production and business operations.

HS Hyosung entered the former Quang Nam province in 2018 and selected Tam Thang Industrial Park for its large-scale projects. Under an agreement with local authorities, the group has committed to developing a project chain with total investment of about 1.3 billion USD./.

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VNA
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