Hyosung Vietnam Limited Company earns over $1 billion in revenue.— Photo baodongnai.com.vn

HA NOI (Biz Hub) — Fibre producer Hyosung Vietnam Limited Company will spend another US$ 600 million to expand its business in the southern province of Dong Nai.

The company's CEO Sun Hyung Yoo told Dong Nai newspaper recently that in preparation for the expansion, the firm has signed a lease agreement with the Vietnam Urban and Industrial Zone Development Investment Corporation (IDICO) to rent another 22.6ha in the Nhon Trach 5 industrial zone, increasing the total area of the company's operations to 90.6ha in the province.

Hyosung Vietnam is a subsidiary of the Korean firm Hyosung Corp.

It produces fibres of all kinds, and has been operating in Dong Nai for more than seven years, with a total registered investment of $995 million, according to the province's People's Committee.

The company says that 90 per cent of its products are exported. In 2014, the firm earned more than $1 billion in revenue, and became an important stronghold of the Hyosung Corporation in the Republic of Korea. — VNS