Kolon Industries plans 1 billion USD project in Binh Duong
The Kolon Industries, Inc. from the Republic of Korea has selected Bau Bang Industrial Park in the southern province of Binh Duong to locate its one-billion-USD automobile tire cord and airbag factory.
Binh Duong (VNA) –The Kolon Industries, Inc. from the Republicof Korea has selected Bau Bang Industrial Park in the southern province of Binh Duongto locate its one-billion-USD automobile tire cord and airbag factory.
The firm signed a memorandum ofunderstanding on the investment project with the provincial People’s Committee onNovember 23.
Kolon Industries will pour 220million USD into the project in the first stage from 2017-2018. The investmentcapital is scheduled to rise to 600 million USD in the second stage from2018-2026, and about 1 billion USD in the third stage after 2026.
According to Tran Thanh Liem,Chairman of the provincial People’s Committee, Binh Duong has taken a number ofmeasures to turn itself into an attractive destination for domestic and foreigninvestors.
By the end of October 2016, theprovince attracted 2,818 projects from 59 countries and territories around theworld with total investment of 25.6 billion USD. The RoK is the third largest investorof Binh Duong with 594 projects worth 2.4 billion USD.
Meanwhile, Kolon IndustriesChairman and CEO Park Dong Moon said that the firm had spent two years examining27 industrial parks throughout Vietnam.It found that the Bau Bang IP is the most reliable and suitable area for itsproject, he said.
In July 2016, the RoK group inkeda deal with Becamex IDC Corp – the owner of the Bau Bang IP – to lease 42hectares for the construction of the plant.
Founded in 1957, Kolon Industriesis one of the RoK’s leading multi-sector and trans-national firms. Its majorproducts include automobile tire cords, airbags, film and electronicmaterials./.
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Scene at the meeting (Photo: VNA) 
