Its chairman, Cho Hyun-joon, referred to Vietnam’s reliable investment environment and expressed confidence in its potential to become a key manufacturing hub in Asia during a meeting with Prime Minister Pham Minh Chinh Monday.
“Hyosung is committed to its next 100 years in Vietnam, positioning itself not just as a South Korean company but also as a Vietnamese company.”
It is South Korea’s third-largest foreign direct investor in Vietnam after Samsung and LG.
Since 2007 it has been investing in the production of textiles, chemicals, and electricity. It has relocated most of its factories from South Korea to Vietnam.
It plans to expand into data centers, high-tech industrial components production, sustainable aviation fuel plants, and carbon fiber manufacturing.
It has invited the Abu Dhabi National Oil Company (ADNOC) of the UAE to form a partnership in Vietnam.
Cho urged the Vietnamese government to support the partnership to create a new business model between the three countries, under which Hyosung would help get more investment from the Middle East to Vietnam.
Chinh appreciated the company’s expansion plans and urged it to prioritize environmental protection, strengthen ties with domestic businesses and ensure workers’ welfare.
He emphasized Vietnam’s encouragement to investments in new materials production using advanced technologies.
He said Hyosung, ADNOC and other major Middle Eastern investors should focus on projects that utilize high-tech, green and clean technologies in Vietnam.
Investors should also contribute to the development of supporting industries and transfer technology to enhance the production capacity and global competitiveness of domestic enterprises, he added.
Hyosung has interests in industrial materials, information technology, industrial power systems, construction, chemicals, and trade, and had revenues of $16 billion last year.
Next year it is set to begin construction of a biotech manufacturing plant and a carbon fiber factory in the southern province of Ba Ria-Vung Tau at a combined cost of $1.3 billion.
