Hyosung Quang Nam Company Limited (Vietnam)

Being a member of Hyosung Group, the subject's function is manufacturing spandex, nylon, polyester, steel fibers, and tire cords, which are used as materials for tires and fabric for airbags. At present, it has two projects in Tam Thang Industrial Park, Quang Nam Province. The first project focuses on producing spandex, nylon, and polyester fabric. This project is divided into 4 stages, of which the first was completed in 2020, and the second was finished in Aug 2022. As shared, in 2023, the subject also increased its investment capital by USD 200 million to implement the two remaining stages, which doubled its initial capacity to 6,600 tons of products per month, on expanding areas of 21 hectares. In detail, the third stage with a capacity of 3,000 tons of products per month is in the process of completion, and is expected to run into production in Mar 2024. The second project is the production of fabric for sewing airbags in cars with an investment capital of USD 35 million. The majority of its products (occupying 90%) are exported to foreign markets such as the EU, USA, India, China, Canada, and South Korea.Male staff in the project department revealed that the subject has a plan to invest a project in producing steel cords with a capacity of 72,000 tons of products per year in Tam Thang expanded industrial park. He also shared that in 2023, the subject estimated a loss of USD 10 million in the context of general market difficulties when purchasing power weakened, selling prices tended to decrease while costs increased, along with large investment costs into the expansion project.