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| A wood processing factory financed by TH Group was inaugurated in the industrial park of Nghia Dan District in central Nghe An Province on Saturday, online newspaper vietnamplus.vn reports. — Photo thmilk.vn |
NGHE AN (Biz Hub) — A wood processing factory financed by TH Group was inaugurated in the industrial park of Nghia Dan District in central Nghe An Province on Saturday, online newspaper
vietnamplus.vn reports.
Politburo member and Deputy Prime Minister Vuong Dinh Hue attended the inauguration ceremony.
The factory was built in February 2013. It is part of a US$300 million project to build a wood processing factory and to develop forests sustainably in Nghe An.
During the project's first pharse, about $100 million was spent on building wood slat and medium-density fibreboard (MDF) processing lines with a respective capacity of 12,000 cubic metres and 130,000 cubic metres per year.
The second phase will be funded by a total investment of $200 million to raise the lines' output to 40,000 cubic metres and 400,000 cubic metres each year, respectively.
The factory is equipped with advanced and "green" technologies which allow its products to meet the strict standards of the US, the EU and Japan for domestic sale and export.
The project expects to generate a pre-tax profit of $7-8 million and will pay around $2 million in taxes to Nghe An Province every year. — VNS