Japans Idemitsu Kosan Co. announced last week the start-up of a new lubricant plant in Haiphong City, Vietnam. Officials said the 31,000 tons per year facility is meant to take advantage of Vietnams quickly growing market.
With a population of roughly 90 million in 2013, of which more than 60 percent is under the age of 30, Vietnam has been enjoying… economic growth of approximately 6 percent annually, Idemitsu Kosan said in a news release. It is forecast that the demand for lubricants in Vietnam will continue to grow at an ever greater rate.
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