Binh Duong (VNA) – TheRepublic of Korea’s Kolon Industries Binh Duong Co. Ltd opened a plant in thesouthern province of Binh Duong on September 18 to manufacture polyester tyrecord fabrics.

Built at a total cost of 220 million USD, theplant is currently able to produce 1,400 tonnes of fabrics each year.

Speaking at the event, Vice Chairman of theprovincial People’s Committee Mai Hung Dung said the plant suits the province’spolicy of prioritising projects with high added value, modern and eco-friendlytechnology.

He wished the plant would churn out qualityproducts and pledged all possible support for the company and other investorsto do business in the locality.

Earlier, the provincial People’s Committeeand Kolon Industries Group signed a Memorandum of Understanding on building aplant manufacturing car tyre belts and air bags worth 1 billion USD on a about42ha at Bau Bang industrial park.

Capital for the first stage from 2017-2018will be 220 million USD while the second stage from 2018-2026 needs 600 millionUSD, and nearly 1 billion USD for the third stage.

Founded in 1954, Kolon Industries Group is amultinational corporation focusing on high-tech products such as car tyrebelts, air bags and materials used in electronics, electricity and fashion.-VNA