Hyosung signed MoU to build PP plant in Vietnam, construction work soon to start

South Korean Hyosung Group has signed a Memorandum of Understanding (MoU) to construct a world scale petrochemical complex in Cai Mep Industrial Zone. The company said it is ready to implement the project as the site clearance has completed. Vietnamese Ministry of Industry and Trade has approved the project and all necessary documents have been submitted to the Prime Minister Office for approval. Construction work might kick off soon after receiving the Prime Minister’s approval.

The project shall be divided into two major phases. Phase 1 include the construction of the underground LPG storage and a 300,000 tons/year PP line, costing approximate $469 millions. Phase 2 consist of building a PDH plant and number 2 PP line with capacity 300,000 tons/year, accounting for $722 millions.