Kolon Group goes into investment frenzy in Vietnam
Kolon Group goes into investment frenzy in Vietnam
Kolon Group, a leading Korean manufacturer, aims to grow its presence on the Vietnamese market after being licensed for a $14.1 million airbag manufacturing facility in the southern province of Binh Duong earlier this year.
According to a source with knowledge of the matter, the group is now in the negotiation process to license its new project, probably also located in Binh Duong province.
The source also revealed that this would be a hi-tech manufacturing project with a fair investment capital.
Since earlier this year, Kolon Group representatives have been conducting field surveys at several northern locations, such as Haiphong city and Ha Nam province, to learn about the local investment environment.
They also filed proposals on building plants manufacturing chemical fibres or industrial fabrics used for auto tyres.
Kolon is Korea’s leading diversified group operating in a variety of fields, such as industrial materials production and fashion.
Currently, it is named among the world’s top three Aramid fibre manufacturers. The group is also the top player holding the largest market share of the Korean airbag manufacturing segment.
Recent statistics released by the Binh Duong Department of Planning and Investment show that as of June 2016, South Korea was the third largest foreign investor in the province, with 569 projects valued at $2.25 billion in total committed capital.
In the first half of this year alone, Binh Duong granted licenses to 27 new investment projects from Korea and registered 13 existing Korean projects for supplemental capital. The total committed value surpassed $155 million, putting South Korea in the second place in terms of capital value among countries and territories doing business in the province.
