Building a 2,400 billion VND biodegradable material factory in Hai Phong

Attending the groundbreaking ceremony were comrade Tran Luu Quang - Member of the Party Central Committee, Deputy Prime Minister; Hai Phong City Party Secretary Le Tien Chau, Mr. Choi Young Sam, Ambassador Extraordinary and Plenipotentiary of the Republic of Korea to Vietnam; leaders of Hai Phong City, the Korean Business Association in Vietnam, and leaders of SKC Group.

The groundbreaking ceremony of the factory is an event to celebrate the 69th anniversary of Hai Phong Liberation Day (May 13, 1955 - May 13, 2024), the Red Flamboyant Festival - Hai Phong 2024 and other anniversaries in the historic month of May.

The ECOVANCE high-tech biodegradable material factory project of investor Ecovance Co.Ltd has a total investment of nearly 2,400 billion VND (equivalent to 100 million USD); it is expected that by 2030, the total investment capital of the project will reach nearly 11,900 billion VND (equivalent to 500 million USD). The project aims to produce biodegradable plastic materials, products and related materials in the biomaterial production process. The production scale of PBAT biodegradable plastic products is 70,000 tons/year; PBS biodegradable plastic products is 59,500 tons/year; THF solvent products (by-products created in the PBAT production process) are 6,300 tons/year.

Model of ECOVANCE high-tech biodegradable materials factory. Photo: Investor

This is the first direct project of SK Group, Korea in Vietnam - a unit specializing in the production of secondary batteries, semiconductor materials, environmentally friendly materials, occupying a high market share worldwide in the field of manufacturing and trading products from biodegradable plastic materials. The project creates an important premise for the continued expansion of business investment as well as attracting supporting investors of SK Group to Hai Phong, which is the concretization of the Memorandum of Understanding signed between Hai Phong City and SK Group in June 2023.

Speaking at the groundbreaking ceremony, Permanent Vice Chairman of Hai Phong City People's Committee Le Anh Quan emphasized that today's groundbreaking event not only marks an important step forward in attracting foreign investment in the fields of high technology and environmentally friendly materials, but also affirms the position and attractive investment environment of Hai Phong city in the country and the region.

Permanent Vice Chairman of Hai Phong City People's Committee Le Anh Quan speaks at the groundbreaking ceremony. Photo: Dam Thanh

Hai Phong City always determines that economic development must be associated with environmental protection and considers this a central and continuous task. For that reason, the city always prioritizes and focuses on attracting investment projects that use modern and environmentally friendly technology, contributing to creating a solid foundation for a green Hai Phong.

Vice Chairman of Hai Phong City People's Committee Le Anh Quan called on foreign investors in general and SK Group and supporting enterprises in particular to continue to pay attention and research investment in industrial parks and economic zones of Hai Phong City.

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