Hyosung Group, a South Korean industrial conglomerate, has announced plans to invest $720 million in a biotech fiber manufacturing plant in Vietnam.
The development came to light during a meeting between Nguyen Van Tho, chairman of the People's Committee of Ba Ria - Vung Tau province, and Hyosung representatives on December 4.
Kim Kyung Hwan, CEO of Hyosung Vietnam, revealed that the carbon Vietnam fiber plant situated in Phu My II Industrial Park is progressing significantly. This project underscores Hyosung's commitment to pioneering advanced material production.
The proposed biotech fiber facility, to be located in the Phu My 2 Industrial Zone, represents Hyosung's first global foray into using eco-friendly technology for Spandex fabric production. This initiative aligns with the group's broader strategy of diversifying its manufacturing portfolio and reinforcing its environmental commitments.
Earlier, Hyosung Vietnam had disclosed plans for an approximate $1 billion investment in a carbon fiber plant within the same industrial park, with an initial investment phase of about $160 million.
Hyosung, a group known for its discretion and focus on industrial rather than consumer products, has a significant presence in Vietnam, especially in Dong Nai province.
Despite its lower profile compared to conglomerates like Samsung or LG, Hyosung has established itself as a key player in sectors including industrial yarns, automotive tyres, transformers, and IT.
At the Vietnam-Korea Economic Forum 2023, Hyosung's chairman, Cho Hyun Joon, underscored the company's 20-plus years of investment in Vietnam, amounting to around $3.5 billion and creating over 9,000 jobs.
Cho emphasised Vietnam's strategic importance to Hyosung's global operations, citing plans for further expansion and a commitment to sustainable development in high-tech industries. An additional recruitment drive for 10,000 workers in Vietnam was also announced.
Highlighting the unique investment synergy between South Korea and Vietnam, Cho expressed confidence in the mutual growth potential.
"Vietnam's development trajectory aligns closely with that of South Korea, and our group is eager to play a pivotal role in this journey. We envision establishing a century-long legacy in Vietnam," he said.
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