South Korea’s National Plastic (NPC) has clinched a contract with Toda Industries Vietnam to establish a US$30-million joint venture to produce industrial and hi-tech plastic products.
The joint venture, NPC TODA Co Ltd, will start operations in July this year at the Vietnam Singapore Industrial Park 2A (VSIP 2A) in the southern province of Binh Duong using energy-saving hybrid technology, according to The Saigon Times.
The project is expected to produce hundreds of thousands of products a year, including 288,000 pallets for foreign-invested firms in Vietnam and export to ASEAN countries.
NPC is now the supplier of industrial plastic products for many multinationals in the country. In Asia, the company has set up joint ventures in Singapore, Thailand, Malaysia and Myanmar.
In the past years, local demand for industrial plastic has increased by 20% a year and Vietnam has had to depend much on imports due to limited supply on the domestic market.