Tin Thanh Group describes itself as a company involved in sustainable development in the fields of energy, high-tech agriculture and industry. Help to reduce global emissions, recycle fuel and clean energy in order to replace fossil fuels.
Among its efforts in the field is a tire-recycling business that generates both recovered rubber, steel, etc. as well as generate power, a representative said. The U.S. project eventually could include a similar business, he noted, as part of the company's emphasis on using energy generated from reusable resources.
Initially, the company will source its energy needs from South Carolina's Dominion Energy.
The 102-acre site that Tin Thanh has secured in rural Allendale County is valued at $5.3 million, but South Carolina Regional Development Alliance—a nonprofit dedicated to attracting investment to the state and which helped arrange the sale—has pledged to provide up to $4.5 million in infrastructure improvements (water, gas, access roads, etc.).
The site is covered with trees, but the former owner has committed to harvest the timber ahead of site clearing and preparation, the company representative said.
In addition, the state's Coordinating Council for Economic Development has awarded job development credits for the project along with a $1 million Rural Infrastructure Fund grant to Allendale County to assist with the costs of site preparation and infrastructure improvements.
Tin Thanh Group is the first Vietnamese company to establish a business in South Carolina.
Tin Thanh Group Americas CEO Tran Dinh Quyen said the efforts of the various state, regional and local governments and nonprofits helped clinch the company's decision to select South Carolina over other locations that were being considered.
Gov. McMaster said this announcement "once again shows the world has taken notice of the many benefits of doing business in South Carolina," and called the company's investment and job pledge "transformative" for Allendale County.
Secretary of Commerce Harry Lightsey III said Tin Thanh Group's decision to invest in South Carolina a "testament to the talented workforce that contributes to the rapid growth of sustainable companies."
Tin Thanh also intends to take advantage of recruitment and training resources offered by readySC,an initiative of the South Carolina Technical College System.