Hyosung Group recommends Quang Nam to remove difficulties for projects

Committed to investing more than 1.3 billion USD to implement projects in Quang Nam province, however, Hyosung Group (Korea) is facing difficulties and cannot implement the project.

Hyosung Quang Nam Company Limited has just sent a petition to Quang Nam province to remove difficulties in the process of investing in local projects.

In October 2018, Hyosung Group signed a memorandum of understanding with the People's Committee of Quang Nam province on investing in a project worth 1.34 billion USD on a 100-hectare land area.

This enterprise said that Hyosung Quang Nam was granted a business license in September 2018, started building the factory in January 2019 and is now operating stably.

The company invested a total of 245 million USD to invest in the production of curtain fabric and airbag fabric on an area of 18 hectares, with about 1,000 employees working.

According to the business's feedback, in April 2022, the company was granted the 4th Investment Project Adjustment Certificate for the Curtain Fabric Factory project.

Accordingly, the current factory area will be increased by 21 hectares and the total investment capital of the project will be raised to 410 million USD.

According to the plan, phase 3 of the project will be officially put into operation in the fourth quarter of 2024. Up to now, the time to implement the investment project according to schedule is near.

However, currently, the Supplementary Report on Investment Attracting Industries, Land Allocation Proposal and the construction and issuance of specific land rental prices for the expanded Tam Thang Industrial Park are not yet available.

Hyosung Group is investing in many projects in Quang Nam province.

In addition, compensation work also has many problems related to the handling of public land (5%) and compensation policies for land and assets on land cultivated by people but not eligible for compensation.

This fact makes it impossible for Hyosung to sign land lease contracts and carry out other legal procedures, greatly affecting investment progress.

This enterprise also said that in addition to increasing the investment scale of the Fabric Factory, the Company plans to invest in a Furniture Factory project with an area of 8-10 hectares with a total investment capital of 110 million USD. It is expected to start construction of the factory in the second quarter of 2025...

In addition to the land acquisition problem, Hyosung Quang Nam also said that the investment plan for the project of a factory producing several pieces, phase 3 and phase 4 of the project with an area of about 21 hectares in the expanded Tam Thang Industrial Park will be put into operation from July 2023.

However, the project has not been able to officially operate due to land procedures such as compensation and land lease prices.

Regarding investment in a furniture manufacturing factory, the scale is 8 - 10ha with a total expected capital of 110 million USD in Tam Thang Industrial Park expansion. However, this industry is not suitable for the approved planning of Tam Thang Industrial Park expansion.

Hyosung Quang Nam Company has issued an official dispatch on adding industries to attract investment in the expanded Tam Thang Industrial Park. The Management Board of Economic Zones and Industrial Parks of Quang Nam province has also reported on this content.

However, this process takes a long time, so Hyosung Quang Nam Company is concerned that it will affect its investment plan in Quang Nam.

According to the People's Committee of Quang Nam province, the locality has requested units to review the recommendations of Hyosung Quang Nam Company Limited to promptly coordinate to remove and resolve problems for the projects.

Source: https://baodautu.vn/tap-doan-hyosung-kien-nghi-quang-nam-thao-go-kho-khan-cho-cac-du-an-d224857.html