Hyosung committed to investing additional $4 billion into Vietnam

October 15, 2024 | 13:56

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South Korean industrial conglomerate Hyosung Group plans to inject another $4 billion into Vietnam, contributing to the country's economic development and implementing its corporate social responsibility.

Hyosung committed to investing additional $4 billion into Vietnam

Prime Minister Pham Minh Chinh and Cho Hyun-joon, chairman of Hyosung Group. Photo: VGP

The statement was made by Cho Hyun-joon, chairman of Hyosung Group, at a meeting with Prime Minister Pham Minh Chinh in Hanoi on October 14.

Chairman Cho Hyun-joon said that Hyosung was the third-largest direct investor from South Korea in Vietnam. The group has so far invested about $4 billion and generated some 10,000 jobs in the country.

He believes Vietnam will become a manufacturing hub in Asia and that the country's business climate is reliable.

"Hyosung is realising its commitment to placing its future for the next 100 years in Vietnam and positioning itself not only as a South Korean company but also as a Vietnamese one," he said.

With a plan to pour another $4 billion into Vietnam, the group will generate about 10,000 new jobs, thereby making more contribution to domestic economic development and further implementing its corporate social responsibility.

In the short term, Hyosung will continue expanding investments in data centres, high-tech industrial materials, aviation biofuel, and carbon fibre manufacturing.

In addition, Hyosung is inviting the United Arab Emirates’ Abu Dhabi National Oil Company (ADNOC) to become its partner to jointly invest in its projects in Vietnam.

Chairman Cho Hyun-joon hopes to receive Vietnam's support so that Hyosung and ADNOC can make efficient ventures and set a new cooperation model between Vietnam, South Korea, and the UAE. Hyosung will play a role in encouraging investment attraction from the Middle East to Vietnam.

PM Chinh lauded Hyosung’s trust, efforts, and determination in the process of implementing business activities in Vietnam.

PM hopes that Hyosung will continue to enhance its business performance and expand investment towards new and higher goals going forward.

South Korea's Hyosung TNC to invest $1 billion in Vietnam

On March 30, Hyosung TNC received investment approval for the Hyosung BDO project from Ba Ria-Vung Tau People's Committee as part of its efforts to build the largest bio-spandex factory in Vietnam.