Fibre producer Hyosung Vietnam Limited Company will spend another 600million USD to expand its business in the southern province of Dong Nai.
Thecompany's CEO Sun Hyung Yoo told Dong Nai newspaper that in preparationfor the expansion, the firm has signed a lease agreement with theVietnam Urban and Industrial Zone Development Investment Corporation(IDICO) to rent another 22.6 hectares in the Nhon Trach 5 industrialzone, increasing the total area of the company's operations to 90.6hectares in the province.
Hyosung Vietnam is a subsidiary of the Korean firm Hyosung Corp.
Itproduces fibres of all kinds, and has been operating in Dong Nai formore than seven years, with a total registered investment of 995 millionUSD, according to the province's People's Committee.
The companysays that 90 percent of its products are exported. In 2014, the firmearned more than 1 billion USD in revenue, and became an importantstronghold of the Hyosung Corporation in the Republic of Korea.-VNA
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