Kolon Industries has signed a memorandum of understanding (MoU) with the government of Vietnam's Binh Duong Province to invest up to USD 1 billion to establish a tyre cord fabrics plant in the country, reports Nikkei Asian Review. The project will be carried out in three phases. The first phase will take place from 2017 to 2018 with an investment capital of USD 220 million. The second phase is scheduled to last from 2018 to 2026 and will be worth USD 600 million, while the final phase will begin after 2026. The total value of the project could reach USD 1 billion, according to the report. The company will build a 42-hectare facility inside Bau Bang Industrial Park.