The Management Board of Industrial Zones in southern Ba Ria-Vung Tau province recently approved an investment policy from South Korea’s Hyosung Company to build a carbon fiber factory at the Phu My 2 Industrial Park, according to Director General of Hyosung Vietnam Kim Kyung Hwan.

The project has estimated investment of $540 million, the province’s online newspaper has reported.

Investment procedures will be competed soon, he told a working session with provincial authorities on October 2.

Chairman of the Provincial People’s Committee Nguyen Van Tho said Ba Ria-Vung Tau has favorable investment conditions in place for businesses and is committed to helping them conduct trade, production, and investment activities.

Hyosung Vietnam has invested around $1.4 billion to date in the province.