SKC signs agreement with Vietnamese city on advanced materials investment

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SKC signs agreement with Vietnamese city on advanced materials investment

SKC CEO Park Won-cheol, third from right, and officials from the Hai Phong city government, take a photo after signing an agreement on Monday in central Seoul. [SKC]

SKC CEO Park Won-cheol, third from right, and officials from the Hai Phong city government, take a photo after signing an agreement on Monday in central Seoul. [SKC]

SKC signed a preliminary agreement with Vietnam's Hai Phong city government Monday to consider ways to invest in the city in advanced materials and green sectors.
 
The agreement paves the way for SKC to invest in the major port city in northeastern Vietnam as a site for its expansion into the fast-growing materials businesses like secondary batteries and semiconductors.
 
The city government promised to offer SKC support for utility and infrastructure and efforts to win incentives from Vietnam's central government.
 
Hai Phong is one of the major industrial cities in Vietnam and has been focusing on attracting foreign investment from countries like Korea, SKC said.
 
SKC is pivoting to an advanced materials company, mainly with its business in copper foil, a key material in making lithium-ion batteries. It is also expanding its business into other advanced components, like semiconductor packaging.
 
SK Nexilis, SKC's copper foil-making subsidiary, is building a 50,000-ton factory in Kota Kinabalu, Malaysia, with a goal of starting mass production later this year.

BY SARAH CHEA [chea.sarah@joongang.co.kr]
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