30 Nov 2016
Ho Chi Mon City – South Korea’s Kolon Industries Inc. is to set up a $500-million (€470 million) tire cord production plant in the southern Vietnamese province Binh Duong, according a Saigon Times report.
After two years of location scouting in Asian countries, said the report, the company closed a deal on 23 Nov to lease 42 hectares in Bau Bang Industrial Park for the project.
The plant will be built in two phases and, once fully operational, will produce 6 kilotonnes of tire cord on a monthly basis.
Kolon Industries expects production to start in 2018, added the report.
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