Hyosung Group, a leading Korean conglomerate, has announced plans to invest an additional $4 billion in Vietnam, effectively doubling its total investment in the country.
During a meeting with Prime Minister Pham Minh Chinh on October 14, Hyosung’s Chairman, Mr. Cho Hyun-joon, reaffirmed his confidence in Vietnam’s investment environment, expressing his belief that Vietnam will become Asia’s manufacturing hub.
“Hyosung is committed to Vietnam for the next 100 years, evolving from a Korean company into a Vietnamese company as well,” Mr. Cho said, echoing a message he had conveyed to the Prime Minister previously.
The additional $4 billion investment is expected to generate 10,000 new jobs and further support Vietnam’s economic development. Since entering the market in 2007, Hyosung has invested over $4 billion in sectors such as raw materials, textiles, chemicals, and electrical systems, with most of its Korean-based production now relocated to Vietnam.
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With the new investment, Hyosung’s total capital in Vietnam will rise to $8 billion, further cementing its position as the third-largest South Korean investor in the country, following Samsung and LG.
Future investment plans include expanding into data centers, high-tech industrial materials manufacturing, sustainable biofuel production, and carbon fiber development. In collaboration with the Abu Dhabi National Oil Corporation (ADNOC) from the UAE, Hyosung hopes to establish a new business cooperation model between Vietnam, South Korea, and the UAE, with Vietnam playing a central role in attracting Middle Eastern investments.
Prime Minister Pham Minh Chinh welcomed Hyosung’s expansion plans and emphasized the importance of environmental protection, integration with local businesses, and ensuring social security for workers. He also highlighted Vietnam’s commitment to supporting high-tech and environmentally sustainable projects that can boost innovation, technology transfer, and the development of supporting industries.
The Prime Minister assured that the government would work with relevant ministries to address Hyosung’s proposals and facilitate their operations in Vietnam.
Hyosung, which operates in industries such as industrial materials, information technology, electrical systems, construction, and chemicals, recorded $16 billion in revenue last year. In Vietnam, the group is currently investing $1.3 billion in biotechnology and carbon fiber plants in Ba Ria-Vung Tau province, with construction expected to begin early next year.
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Source: Vietnam Insider