Kolon Industries, Inc. will invest US$1 billion in constructing a plant for the production of textile materials for application in airbags and tires on 42 hectares of land in the Bau Bang Industrial Park in the southern province of Binh Duong, Vietnam.
Divided into three phases, US$220 million will be invested in the first phase of this project in 2017-18. Investments totaling US$600 million will be made in the second phase in 2018-26, and the third phase is to start from 2026.
Last year, the Kolon Group obtained an investment license to build an airbag plant in Binh Duong Province.
Investments in this project are estimated to amount to US$14.1 million, and negotiations are currently in process for implementing this project.