(LEAD) SKC-Vietnam

▲ SKC CEO Park Won-cheol (3rd from R) poses for photo with Le Tien Chau (3rd from L), party committee secretary for Hai Phong city, and other officials during the signing ceremony for the memorandum of understanding on green materials investment, in Seoul, on June 12, 2023, in this photo provided by SKC. (PHOTO NOT FOR SALE) (Yonhap)

(LEAD) SKC-Vietnam

(LEAD) SKC signs MOU with Vietnamese city for green, advanced materials investment

(ATTN: CHANGES photo)

SEOUL, June 12 (Yonhap) -- SKC Co., a South Korean manufacturer of advanced materials, signed Monday a preliminary agreement with the government of Vietnam's Hai Phong city to explore potential investment in advanced materials for secondary batteries, semiconductors and other green sectors.

Under the memorandum of understanding, SKC will consider ways to invest in Hai Phong, a major port city in northeastern Vietnam, as a site for its expansion into those high-tech materials, the Seoul-based company said in a release.

The Hai Phong city government will assist SKC with its efforts to win incentives from Vietnam's central government and provide support for utility and infrastructure, should SKC decide to invest in the city.

Hai Phong is one of the major industrial cities in Vietnam and has been stepping up efforts to attract foreign investment from countries like South Korea, according to SKC.

SKC, a unit under the energy-to-telecom conglomerate SK Group, is pivoting to an advanced materials company largely engaged in the manufacturing of copper foil used in lithium-ion cells and is expanding into other advanced components, like semiconductor packaging.

SK Nexilis Co., SKC's copper foil-making subsidiary, is building a 50,000-ton factory in Kota Kinabalu, with a plan to begin commercial operation later this year.


(END)

[Copyright ⓒ K-VIBE. All rights reserved. Unauthorized reproduction and redistribution are prohibited.]