Deputy Prime Minister Trần Lưu Quang (C) and other delegates push button to start work on Ecovance high-tech biodegradable materials factory. — VNA/VNS Photo

Deputy Prime Minister Trần Lưu Quang on Saturday attended a ground-breaking ceremony for a high-tech biodegradable materials factory, a trillion-VND project by Ecovance Co. Ltd under the Republic of Korea’s SK Group, at the Đình Vũ Industrial Park in the northern port city of Hải Phòng.

The project has an initial investment of over VNĐ2.3 trillion (US$90.3 million), and the figure is expected to increase to more than VNĐ11.8 trillion by 2030.

Construction is expected to be complete in June 2025, and the factory will be officially put into operation in September 2025 after a trial operation in July.

The project has a capacity of 70,000 tonnes of PBAT biodegradable plastic products, 59,500 tonnes of PBS biodegradable plastic products, and 6,300 tonnes of THF solvent products (byproduct created during PBAT production) a year.

Speaking at the ceremony, Deputy Chairman of the municipal People’s Committee Lê Anh Quân said that the project, with its goal of producing biodegradable plastics, is of great significance in an era when plastic waste pollution is a burning global problem.

Biodegradable materials not only provide a solution that contributes to reducing environmental pollution and protecting the ecosystem, but also opens up a new direction for the plastic industry towards a green and circular economy, stated Quân.

Hải Phòng commits to continue creating the most favourable conditions for businesses in industrial parks and economic zones in general and SK Group in particular to accelerate the progress of construction, he added. — VNS