Aekyung Chemical Starts Operations at Vietnam Plant... Strengthening Dominance in Southeast Asian Market
Vietnam Plant Completion Ceremony Held in February
Securing Local Demand... First-Mover Advantage Expected
Aekyung Chemical completes production plant in Vietnam and strengthens its influence in the Vietnamese market.
In February, Aekyung Chemical held a completion ceremony for its Vietnam plant (AK VINA), part of the 'LOTUS Project.' The LOTUS Project is named after the lotus flower, Vietnam's national flower symbolizing 'prosperity and will,' and involves expanding the surfactant plant and establishing a new production base for unsaturated polyester resin (UPR).
Aekyung Chemical plans to increase its production capacity of surfactants and UPR to 40,000 tons and 37,000 tons respectively. Vietnam is recognized as a market with the highest growth potential in the fields of surfactants and synthetic resins. Regarding the surfactant business, about 35 million daily-use products are used daily in Vietnam alone, but AK VINA is the only company producing some surfactants for daily-use products such as fabric softeners locally. Recently, there has been a movement among multinational companies to source surfactants locally, so it is expected that Aekyung Chemical will quickly secure the local market.
UPR demand is also expected to increase as upstream industries such as artificial marble and mechanical molding are rapidly growing in Vietnam. Currently, the annual demand for UPR in Vietnam reaches tens of thousands of tons, but most of it depends on imports. Aekyung Chemical’s strategy is to dominate the supply market by providing high-quality UPR produced stably and promptly.
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Following the acquisition of shares in the Vietnamese plasticizer production corporation VPCHEM, Aekyung Chemical has now fully established its business portfolio in Vietnam with the operation of AK VINA. The company plans to strengthen its influence in the new Vietnamese market and further accelerate its expansion into the Southeast Asian market. Aekyung Chemical officials stated, "With the completion of the plant, more flexible and swift responses to market conditions will be possible," adding, "We will increase the supply volume available to the Vietnam and Southeast Asian markets to enhance market responsiveness."
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