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Japan’s largest chemical producer invests in Vietnam
Shin-Etsu Chemical Co., Ltd. will set up two companies specialising in manufacturing silicone-based materials for high-brightness LED packaging, and refining rare earths, with total investment of ¥5 billion ($64 million).
In its press release, the chemical producer said Shin-Etsu Magnetic Materials Vietnam Co., Ltd. that separates and refines rare earths – the main raw materials of rare earth magnets - will be built on an area of 80,000m2 at Dinh Vu Industrial Park in Hai Phong port city, about 100km from Hanoi capital.
The ¥2-billion production base is expected to be put into operation in February 2013 to churn out 1,000 tonnes of products a year.
Meanwhile, Shin-Etsu Electronics Materials Vietnam Co., Ltd. that manufactures silicone-based materials for high-brightness LED packaging will be built on 50,000m2 at Thang Long 2 Industrial Park in Hung Yen province, about 40km from Hanoi.
Construction of the plant is scheduled to be completed in March 2013 at a total cost of ¥3 billion.
Japan’s largest chemical producer said that by having production bases in Vietnam, it can take advantage of the demand in Vietnam and its neighboring countries which will have prospective economic growth in the future.
According to the group, Vietnam has an excellent workforce with its high level of education and diligent national character, alongside appropriate infrastructure.
This is the first time that the Shin-Etsu Group has decided to establish production bases in Vietnam.
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