JX Nippon Oil and Energy Viet Nam inaugurated the operation of a lubricant factory in Dinh Vu Industrial Zone in the northern city of Hai Phong. — VNS Photo

HAI PHONG (Biz Hub) — JX Nippon Oil and Energy Viet Nam on May 22 inaugurated the operation of a lubricant factory in the petrochemical area in northern Hai Phong City's Dinh Vu Industrial Zone (IZ).

The US$40 million project, covering an area of 40 hectares, will provide approximately 40,000 tonnes of lubricant per year to the automobile industry with high-quality gasoline engine oil, diesel engine oil, gear oil, ATF and industrial oil under OEM and ENEOS brand.

JX Nippon Oil and Energy Viet Nam started the lubricant business in Viet Nam in 1996 and established its representative office in HCM City in 2010. The company has been licensed to execute its lubricant factory in the IZ in September 2012. After completion of construction in November 2013, the plant has started commercial operation.

The IZ is proud that the company has selected the zone for its first manufacturing base in Viet Nam and will be one of 11 Japanese investors in the zone. The IZ has attracted over 50 investors from various countries and industries with a total investment of around US$3 billion. With the groundbreaking of Tan Vu–Lach Huyen Road and Cross-sea bridge, the construction of Ha Noi–Hai Phong Highway and Cat Bi international airport, the IZ is expected to become a logistic and manufacturing hub in northern Viet Nam. — VNS