Turkey’s $250 million project of baby diaper factory inaugurated in Binh Phuoc
The 100% Turkish-invested project shows the attractiveness of Vietnam as a foreign investment destination.
Hayat Kimya Group's US$250 million baby diaper and tissue factory was inaugurated at the Becamex Binh Phuoc Industrial Park, Chon Thanh District, the southern province of Binh Phuoc.
Prime Minister Pham Minh Chinh attended the event on March 20.
|Prime Minister Pham Minh Chinh attends the ceremony. Photo: VGP|
Addressing the ceremony, Prime Minister Pham Minh Chinh said Binh Phuoc Province has potential for industrial development but the exploitation has not been commensurate. It lacks a uniform infrastructure of transport, digital transformation and climate change adaptation.
The Prime Minister suggested the province devise planning with breakthrough thinking, strategic vision, forward-looking mindset so as to find and harness potential, outstanding opportunities and competitive advantages, as well as to solve local problems and challenges. “All levels of government must have good governance, adopt strong, drastic, right directions, and attend to environmental protection,” he underlined.
Tran Tue Hien, the Chairman of Binh Phuoc Provincial People's Committee, said the factory was built in compliance with environmental and carbon emissions standards. Binh Phuoc will always create the best conditions for businesses to operate based on the advantages of infrastructure, human resources, policies and public services.
Ugur Hasan Tahsin, Vice President of Asia of Turkey’s Hayat Kimya, assessed that his factory in Binh Phuoc will benefit from the network of highway and railway projects in expansion, which has improved the connection between Binh Phuoc to Ho Chi Minh City.
He added the fact that the province is increasing investment in social infrastructure that will be an attractive point for foreign investors. The group introduced Vietnam as a potential destination with an increasingly improved business environment to its partners.
According to the Turkish company, around 40% of the factory’s output will be exported to overseas markets like Thailand and Malaysia. The fast-moving consumer goods manufacturer from Turkey is expected to capture about 30% of the market share in this category by 2025.
Welcoming investors to Binh Phuoc, in the spirit of “harmonizing benefits, sharing risks”, the Prime Minister suggested investors actively contribute to improving the quality of human resources, mobilize financial sources for development,improve management capacity, pay attention to environmental protection and increase the use of renewable energy. They also need to ensure social security, take care of the legitimate interests and improving the life of employees, including housing issues.
The Prime Minister also asked investors in Vietnam and in Binh Phuoc Province to further improve the localization rate, contributing to making Vietnam an independent and self-reliant economy as well as promoting good relations between Vietnam and foreign countries.
The inauguration of the factory and the commitment to expand investment by Hayat Kimya Group in Vietnam showed the attractiveness of Vietnam as a foreign investment destination given the negative impacts of Covid-19 pandemic onproduction and supply chains globally.
Vietnam’s diaper market is very potential with a scale of about $600 million, of which 73% are pants diapers, 21% are diapers and 6% are pads, according to a recent report by Nielsen IQ.
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