VIETNAM: Korean investor builds US$40m spinning plant
Kyungbang Limited, one of Korea's leading yarn and fabric manufacturers, has begun construction work on a new spinning plant in the southern Vietnamese province of Binh Duong.
The new Kyungbang Vietnam facility in the Bau Bang industrial zone in Ben Cat district represents an investment of US$40m and will have a capacity of 6,000 tons per year.
In the first phase, all products will be for export to major markets including the US, Europe, Japan and Korea. In the second phase, the plant will be expanded to supply products for the local market.
The plant is due to begin operation in early 2013, and will employ around 700 local workers. It is Kyungbang's biggest overseas project; the others are in Indonesia and China according to a company official.
The textile and garment sector is one of the leading industries in Binh Duong province, generating a turnover of US$1.2bn in the first 10 months this year.
This is a rise of 14% over same period last year, and accounts for 10.25% of the total export turnover of the Vietnamese textile and garment industry.
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