Kolon Industries, a South Korean industrial materials company, said Tuesday it will expand its tire cord plant in Vietnam to increase exports of the product from the Southeast Asian country.

Kolon Industries will invest 68 billion won ($62 million) in its wholly owned Kolon Industries Binh Duong Company Ltd. to help the Vietnamese subsidiary expand the plant by September next year, the company said in a regulatory filing.

Tire cords are used as reinforcing materials for tires, designed to keep tires in shape and to enhance durability.

Kolon Industries invested 140 billion won to build a 16,800 ton-a-year tire cord plant in Vietnam in 2018. The planned investment for the expansion will bring the plant's output capacity to 36,000 tons a year, a company spokesman said. 

The company has three tire cord plants -- one each in South Korea, China and Vietnam -- with their overall output capacity reaching 103,200 tons, he said. (Yonhap)