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Korean KyungBang sets up $40 million yarn plant in Vietnam
May '13
Korean yarn and fabric manufacturing company KyungBang Limited has established a US$ 40 million automated yarn and fibre manufacturing plant across 16 hectares of area in the Bau Bang Industrial Park of Binh Duong province in Vietnam.
The plant is equipped with 25,920 spindles and machinery by Swiss and German companies. It is designed to produce 6,600 tons of yarn annually.
Lee Kap Soo, general director of KyungBang Vietnam, said high quality cotton to be used as a raw material for the highly automated yarn manufacturing plant would be imported from the US, Brazil, and Australia.
The company will supply yarn and fibres to the local textile and garment firms catering to foreign customers, Mr. Soo said. He added that KyungBang has already signed contracts with more than 10 Vietnamese clients.
Despite the continued local and international economic crisis in 2012, the firm decided to proceed with its project in Vietnam because it perceives greater growth potential in Vietnam than elsewhere, Mr. Soo said. 
The new plant is the first phase of the US$ 140 million project planned for the Vietnamese industrial park by KyungBang Limited.
The KyungBang Limited, established in 1919, is one of the leading yarn and fabric manufacturers of South Korea.

Fibre2fashion News Desk - India

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