The Hyosung Chemical Corporation from the Republic of Korea (RoK) has received approval to build both a polypropylene-producing factory and a liquefied petroleum gas (LPG) underground storage space in Cai Mep Industrial Zone in the southern province of Ba Ria-Vung Tau.
The project will cover an area of 61ha, with total investment worth more than 1.2 billion USD.
According to the management board of the Ba Ria-Vung Tau industrial zones, the project’s duration will be 34 years. The underground storage facility will be completed by late 2020 and become operational by the beginning of the following year.
It is the largest-scale project to have received operation approval amongst the province’s industrial zones.
To date, there are 362 investment projects operating in the Ba Ria-Vung Tau industrial zones, with total capital exceeding 18.2 billion USD. The province lured an additional 2.1 billion USD from 42 projects in the first eight months of the year.
Photo: Hyosung Chemical Corporation