South Korean drink, brewing and distillery firm HiteJinro, a leading producer of soju, has spent VND191.3 billion ($7.8 million) on leasing 8.2 hectares for a project in Vietnam’s northern province of Thai Binh.
In a filing to the South Korean stock exchange KRX dated January 22, HiteJinro said the contract period is until February 2071 and conducted by its Singapore-based subsidiary HiteJinro SG Pte. Ltd.
The move is part of the South Korean firm’s move to build a factory in Vietnam, in order to expand the global soju market. The plant is set to be located in Lien Ha Thai Industrial Park of Thai Binh province, which is invested by local business Green i-Park Corporation.
In October 2023, HiteJinro and Green i-Park Corporation signed an in-principle land lease agreement for the former’s plan of investing $100 million in Thai Binh.
The investment is Lien Ha Thai’s fifth project worth at least $100 million and demonstrates the facility’s strengths in modern infrastructure, geographical connectivity, and availability over large areas, said Bui The Long, CEO of Green i-Park.