TOKYO - Occidental Chemical Co. - teamed up with Marubeni Corp. of Tokyo and two Vietnamese partners - received approval from the Vietnamese government for a plastics joint venture capitalized at $109 million. Marubeni and Oxychem of Dallas will put up $70 million, with the balance provided by their Vietnamese partners.
The new factory, located in Ba Ria-Vung Tau province in southern Vietnam, will be designed to produce up to 220 million pounds of PVC annually.
A second PVC joint venture in Vietnam will initially produce 176 million pounds of PVC a year and within 10 years will double to the 352 million pound level. Mitsui & Co. Ltd. of Tokyo, Mitsui Toatsu Chemicals Inc. of Tokyo and Thai Plastic & Chemical Co. of Bangkok, Thailand, will invest $90 million.
Vietnam, with no domestic PVC production capacity, imports about 110 million pounds of PVC annually.