Work on US$55.4 million timber processing factory begins in Hà Tĩnh
HCM City-based An Việt Phát Energy Company on Saturday began construction of its timber processing factory, worth nearly VNĐ1.29 trillion (US$55.4 million), in the central province of Hà Tĩnh.
Spanning 155,000 square metres in Vũng Áng Economic Zone (EZ), the factory will process lumber, compressed wood pellets and plywood, online newspaper baohatinh.vn reported.
The factory is set to have an annual capacity of 56,160 tonnes, 150,000 tonnes and 187,200 tonnes for lumber, compressed wood pellets and plywood respectively, whereas waste products from producing lumber and plywood will be 224,640 tonnes a year. It is slated for completion within 15 months.
The factory is expected to help expand production in the Vũng Áng EZ, create more jobs for local residents and contribute more into the province’s budget.
Vice Chairman of the provincial People’s Committee Dương Tất Thắng said the factory was one of the province’s key projects in 2020. Thắng requested the investor accelerate the implementation of the factory while connecting with other forestry firms in the locality to ensure a stable supply of raw materials.
Under the Vũng Áng EZ development plan, the zone, established in 2007, is a steel, hydropower and deep-water port centre of the region and the country.
Vũng Áng EZ is now home to 137 investment projects including 80 domestically-financed worth VNĐ51.69 trillion (nearly $2.23 billion) and 57 foreign-invested projects valued at $13.56 billion. The projects are mostly in the fields of industry, harbour, thermal power, renewable energy and post-steel development.