HS Hyosung Advanced Materials to invest $100 mil. in Vietnam carpet plant
HS Hyosung Advanced Materials CEO Lim Jin-dal speaks during the groundbreaking ceremony for a new carpet manufacturing plant in Da Nang, Vietnam, Tuesday. Courtesy of HS Hyosung Advanced Materials
HS Hyosung Advanced Materials will invest $100 million to build a new carpet manufacturing plant in Vietnam, seeking to expand its presence in the global carpet and yarn markets.
The company held a groundbreaking ceremony Tuesday at the Tam Thang Industrial Park in Da Nang, Vietnam, for the new facility.
The company plans to add 110,000 square meters of land to its existing Quang Nam site, bringing the total area to 500,000 square meters. The site currently houses tire cord and airbag production facilities.
The new plant is scheduled to be completed by 2029 and will produce bulk continuous filament (BCF) yarn and carpets for automobiles and commercial buildings.
The expansion will significantly increase HS Hyosung Advanced Materials' production capacity in Vietnam and strengthen its competitiveness in the global mobility materials market, the company said.
The new facility will establish an integrated yarn-to-carpet production system, covering the entire process from raw material imports and BCF yarn production to processing, tufting, backing and laminating.
The company said the integrated system will improve production efficiency and product quality by drawing on its six decades of experience in textiles and advanced materials.
HS Hyosung Advanced Materials' interior materials business has been expanding its lineup of sustainable products amid growing demand for eco-friendly mobility materials.
Its products include bio-based PET carpets containing 30 percent bio-based materials derived from sugarcane, PET carpets made from recycled plastic bottles and nylon carpets made from recycled fishing nets.
The company is expanding production of these eco-friendly carpet products for electric vehicles from global automakers.
“Demand for eco-friendly interior materials, including bio-based and recycled materials, is rapidly increasing in the global automobile market, particularly for electric vehicles,” HS Hyosung Advanced Materials CEO Lim Jin-dal said.