Vietnam is considered to have the perfect conditions to boost trade with its geographical location in the middle of the ASEAN region and tariff advantages it has over its competitors in the region.
As Southeast Asian countries share immense growth potential, their demand for polypropylene, which is widely used from industrial products to household goods, is continuously increasing. So, upon completion of the project, Hyosung Chemical is expected that it will be able to expand its market share in the region.
A Korea Eximbank official said, "To face the global trend of spreading protectionism, we need to develop new overseas markets with great growth potential and strengthen the competitiveness of basic industries such as materials, parts and equipment."