Hyosung eyes Vietnam as strategic global base

September 12, 2024 | 14:38

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Hyosung is planning to increase its investments in Vietnam, considering the country a priority for expanding its global production base.

Hyosung eyes Vietnam as strategic global base

Hyosung announced on September 12 that chairman Cho Hyun-joon is looking to make Vietnam the company's strategic global base through continuous investment.

Hyosung intends to lease additional land in southern Vietnam to establish an integrated production system for its textile business, covering everything from raw materials to final products.

Additionally, Hyosung is reviewing various investment options to prepare for the proliferation of infrastructure investment in Vietnam, including the supply of power equipment, urban infrastructure facilities, IT infrastructure, and fintech.

In particular, the company plans to accelerate digital transformation by converting its Vietnamese production base into a smart factory. It also plans to expand sustainable businesses, such as the recycled fibre.

Cho Hyun-joon is looking to build a foundation for sustainable development by establishing a business environment that keeps up with global carbon neutrality and climate change standards.

Since Hyosung first moved to Vietnam in 2007, it has been growing together with the Vietnamese economy. Hyosung has invested $3.5 billion and established six production subsidiaries across the country. In 2007, Hyosung established its first Vietnamese subsidiary at Nhon Trach Industrial Park in Dong Nai province, near Ho Chi Minh City, followed by the Dong Nai subsidiary on an adjacent site in 2015.

Currently, Hyosung produces spandex, heavy electrical equipment, and other products in Vietnam. The spandex plant in Vietnam has the largest production capacity of Hyosung's global production bases.

Hyosung to invest an additional $2 billion in Vietnam in 2024

South Korean industrial conglomerate Hyosung Group has just unveiled its intention to inject an additional investment of $2 billion into Vietnam in 2024.

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.