Hyosung Vietnam to invest nearly $1 billion in carbon fiber plant

July 24, 2023 | 11:48
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Hyosung Vietnam has announced plans to invest approximately $1 billion in a carbon fiber manufacturing facility, solidifying its strategic position in Vietnam's industrial landscape.
Hyosung Vietnam to invest nearly $1 billion in carbon fiber plant

The company, a prominent player in the industrial sector, is gearing up to make the substantial investment in a carbon fiber plant project, estimated to require a total capital outlay of nearly $1 billion.

The latest development was revealed during a recent meeting between Nguyen Van Tho, Chairman of Ba Ria-Vung Tau People's Committee, and a high-level delegation from Hyosung Vietnam Co., Ltd., along with representatives from Hyosung Vina Chemicals Co., Ltd. The discussions primarily focused on various aspects related to the implementation of significant projects in the province.

With the determination to strengthen its position in Vietnam, Hyosung Vietnam unveiled its ambitious plan to invest in a carbon fiber manufacturing facility located at Phu My 2 Industrial Zone in Phu My town.

The entire endeavour is expected to require a capital infusion of nearly $1 billion, with an initial investment of approximately $160 million in the first phase.

In its endeavour to move forward with this colossal project, Hyosung Vietnam sought guidance from the provincial authorities on the necessary documentation and procedural requirements for seeking investment approval. The company also sought clarification on specific aspects pertaining to the project's execution process.

The province, in turn, warmly welcomed Hyosung Corporation's keen interest in choosing Ba Ria-Vung Tau as a strategic investment destination. The chairman of the committee lauded the previous efforts of Hyosung Vietnam in ensuring the successful completion of the polypropylene manufacturing plant and the liquefied petroleum gas underground storage facility projects in Cai Mep Industrial Zone, adhering to the promised timelines.

In line with its commitment to advancing sustainable development, Ba Ria-Vung Tau expressed its support to facilitate the timely implementation of the carbon fiber plant project. The province pledged to closely coordinate with relevant authorities to ensure a smooth and efficient procedural process for the company.

Hyosung Vietnam Co. has already demonstrated its substantial investment footprint in Vietnam, with noteworthy contributions amounting to approximately $3.5 billion across various regions. Dong Nai, Ba Ria-Vung Tau, Quang Nam, and Bac Ninh provinces have been recipients of the company's substantial capital injections.

Addressing the broader strategic significance of Vietnam, Cho Hyun Joon, chairman of Hyosung Corporation, shared his outlook during the Vietnam-Korea Business Forum in June.

He said that Vietnam was a pivotal market for the group, expressing their commitment to further expand operations and foster sustainable development in the country, especially in high-tech sectors. Remarkably, the group envisions a considerable increase in its workforce, with plans to recruit an additional 10,000 employees in Vietnam.

Joon's sentiments were filled with optimism as he acknowledged the special nature of Korea's investment collaboration with Vietnam, a partnership that remains unparalleled in many respects. He firmly believed in the complementary growth trajectories of both nations, anticipating Vietnam's advancement to be intrinsically tied to Korea's own development.

He expressed the group's heartfelt aspiration to contribute to Vietnam's progress and build an enduring legacy spanning a century.

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By Trung Duong

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