[Alpha Biz=(Chicago) Reporter Paul Lee] Hite Jinro announced on the 22nd that it has signed a contract to lease land and infrastructure for the construction of a soju factory in Vietnam.

Hite Jinro earlier established a Singapore corporation (HITEJINRO SG PTE. LTD) aimed at establishing a head quota for overseas soju production and sales in September last year to build a soju factory in Vietnam. The corporation immediately signed a provisional contract with the local Green I'Park Corporation to sublease land and infrastructure in the Taivin Provincial Industrial Complex near Hanoi on Oct. 13 of the same year. Hite Jinro then established a Vietnamese production corporation (JINRO SOJU VIETNAM CO, LTD) on Dec. 11 last year and signed the same contract on the same day.

The contract amount is 10.4 billion won, which is infrastructure rent, and separate land rent will be incurred later. The contract period is until February 7th, 2071. The land area is 82,083 square meters.

Hite Jinro expects its soju plant in Vietnam to secure cost competitiveness at lower cost than domestic labor costs and apply various containers, capacity and packages in each country.

 

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