INTERNATIONAL INVESTMENT
AND PORTAL

HiteJinro to build a $100 million soju plant in Thai Binh

Invest Global 08:24 17/10/2023

South Korean HiteJinro to spend $100 million building a soju plant in the northern province of Thai Binh.

South Korean soju maker HiteJinro will spend $100 million building a manufacturing plant in the northern province of Thai Binh, turning Vietnam into its first overseas manufacturing base.

South Korea's HiteJinro to build a $100 million soju plant in Thai Binh

HiteJinro signed an agreement with Green i-Park JSC to rent an 8.4-hectare site in Lien Ha Thai Industrial Park, Thai Binh province on October 12.

Last September, HiteJinro announced the opening of a corporation in Singapore to serve as a base for the global expansion of soju production and sales. The new soju manufacturing plant in Thai Binh is HiteJinro's flagship project under this inititaitve.

The company's expansion aims to take advantage of the robust growth trajectory in the overseas soju market. In addition, the company will take advantage of the lower labour costs here to increase its competitiveness. The new manufacturing plant will also serve as a launchpad for local brands and products tailored to the Vietnamese market.

Thai Binh is a great option because of its strategic geographic location, competitive costs, logistics accessibility, and ease of securing manpower. The opening of this overseas soju plant in Vietnam is a significant milestone for Hitejinro's expansion efforts as it approaches its 100th anniversary soon.

“We chose to invest in our first overseas project in Thai Binh because the province and Lien Ha Thai Industrial Park meet all the criteria set by the group for overseas investment. We will make every effort to build this factory as a bright spot for our production and business activities," Kim In Kyu, general director of HiteJinro Group, stated.

Over the past six years, Hitejinro has recorded a steady increase in its soju exports, with an average growth rate of 15 per cent per year. If this trend continues, the company's overseas sales volumes will experience a more than threefold increase over the next decade.

HiteJinro is the largest liquor company in South Korea. It was established in 2011 following the merger between JINRO, with its 97-year history of producing soju, and Hite Beer, one of South Korea's oldest beer companies.

Yadea Vietnam commits $100 million for EV plant Yadea Vietnam commits $100 million for EV plant

Yadea Vietnam, the Vietnamese subsidiary of the renowned global EV manufacturer Yadea, is making a substantial foray into the country's electric motorcycle sector with a strategic $100 million investment, according to Baobacgiang.vn.

Germany's Kurz unveils $40 million Binh Dinh plant Germany's Kurz unveils $40 million Binh Dinh plant

German thin film technology company Kurz celebrated the inauguration of its advanced foil and thin film manufacturing facility at the Becamex VSIP Binh Dinh Industrial Park on September 8. The facility's primary product will be the high-tech 'hot stamping foil'.

China's Haohua to build a $500-million tyre factory in Binh Phuoc China's Haohua to build a $500-million tyre factory in Binh Phuoc

On September 11, China’s Shandong Haohua Tire was awarded an investment registration certificate to build a $500-million tyre factory in the southern province of Binh Phuoc.

By Thanh Van