Hyosung will build a spandex plant in Vietnam in an effort to advance into the non-China Asian market in earnest, with its spandex brand "Creora" as the main product. The plant will have the capacity of producing 15,000 tons of spandex per year with a total amount of US $100 million to be invested by 2008.
The spandex plant will be built in the Nhontrach District of Ho Chi Minh City. The first-stage of operations will begin in May 2008. When this investment project is complete, Hyosung will have the capacity of producing 92,000 tons of products per year, with a prospect of topping the spandex makers around the world very soon. This investment aims to continue a stable supply of spandex fabric into newly emerging textile manufacturing countries in Asia, such as Vietnam, India and Indonesia.
Among many Asian nations, Vietnam stands out as its economy is rapidly growing at eight percent a year based on its outstanding labor productivity. Hyosung expects to top the spandex manufacturers around the world by advancing into the Asian market, which accounts for 15 percent of the entire world spandex consumption, with the building of its plant in Vietnam as momentum.
