Ba Ria - Vung Tau - On December 17, the project of Polypropylene (PP) Factory and Hyosung LPG underground storage in Cai Mep - Thi Vai area, Phu My town was inaugurated. This is one of the typical projects and works inaugurated in December to celebrate the 30th anniversary of the establishment of the province.

After 3 years of groundbreaking and a long time of trial operation, the Polypropylene (PP) Factory and Hyosung LPG Underground Warehouse (Project) have officially come into operation after the inauguration ceremony.

Previously, from May 5.2018, the Prime Minister approved the project of Hyosung Vina Chemical Co., Ltd. with a total investment of about 1.3 billion USD. This is the largest-scale project ever licensed to operate in the industrial zones of the province.

Started in January 2019, this is one of the projects with very fast implementation progress in less than 3 years. When in operation, the project will produce Polypropylene, Ethylene, Propylene... from liquefied petroleum gas as input materials and an underground storage of liquefied petroleum gas with a capacity of 240,000 tons. This is an important item of the polypropylene factory project located at a depth of more than 100m to nearly 200m above sea level. This underground warehouse is assessed as having almost absolute safety, even in the event of an earthquake, tsunami or volcano.

The complex project is expected to create great spillovers for the development of the petrochemical industry, downstream industries such as automobiles, healthcare, plastic products and other service industries of the province and Southern key economic region.

If fully operated, the plant will produce 650,000 tons of polypropylene per year, of which 300,000 tons will be supplied to Vietnam's domestic market with superior quality and competitive prices compared to current imported products. yes, contributing to improving the competitiveness of Vietnam's manufacturing industries. The export products along with the import and export activities of the first liquefied petroleum gas underground storage in Southeast Asia also contribute to creating goods and improving the operational capacity of Cai Mep - Thi Vai port cluster. .

At the same time, the project can contribute about 80 million USD to the annual budget; attract, train, employ more highly-skilled workers and create jobs for thousands of local workers.