Yesterday afternoon, at the Cai Mep Industrial Park in Ho Chi Minh City's Tan Phuoc Ward, a working delegation of the Ho Chi Minh City People’s Committee, led by Chairman Nguyen Van Duoc, met with the leadership of Hyosung Vina Chemicals Company to address challenges faced by the company.
According to representatives from Hyosung Vina Chemicals Company - Hyosung Group (South Korea) - is currently implementing four major projects in the Cai Mep and Phu My II industrial parks, with a total registered investment of more than US$3.5 billion. Two key projects such as the Polypropylene (PP) Plant and the underground LPG storage facility have been operational since late 2021, with a combined investment exceeding US$2.1 billion.
The company has also invested in a specialized port and is developing a Bio-BDO plant and a carbon fiber and materials factory, aiming to establish Vietnam’s first advanced and bio-materials production center.
During the meeting, company representatives noted that Hyosung Vina is facing heavy losses as its main product, polypropylene pellets, is being affected by market dumping. Imported PP from China, South Korea, and Russia is being sold below production cost, causing prolonged financial strain on domestic manufacturers, including Hyosung Vina.
On September 30, 2025, Hyosung Vina Chemicals Company and Long Son Petrochemical Company jointly filed an anti-dumping petition on PP products to the Ministry of Industry and Trade. The company requested continued support from the Ho Chi Minh City People’s Committee to ensure the timely processing of this petition.
Speaking at the meeting, Chairman Nguyen Van Duoc affirmed that Ho Chi Minh City is committed to accompanying and supporting enterprises toward sustainable growth. The municipal government will coordinate with businesses to propose solutions to central authorities for issues that fall outside the city's jurisdiction. Chairman Nguyen Van Duoc pledged to maintain a transparent and favorable investment environment to promote the attraction of high-tech industrial projects in the coming period.
After the meeting, Chairman Nguyen Van Duoc and the delegation toured the PP production plant, the specialized LPG import-export port, and other petrochemical facilities.
