Hyosung Corp., a leading South Korean industrial conglomerate, has announced plans for increased investments in Vietnam, reinforcing a partnership for the next century. This commitment was highlighted during a significant meeting in Hanoi between Hyosung Chairman Cho Hyun-joon and Vietnamese Prime Minister Pham Minh Chinh. The meeting, which included Hyosung executives such as Vice Chairman Lee Sang-woon and Vietnamese government officials at various levels, centered on strategies for business cooperation and future investments.
Since entering Vietnam in 2007, Hyosung has invested a total of $4 billion (5.4 trillion won) across the country in key sectors such as spandex, heavy electrical equipment, chemical products, and IT. The company is also venturing into future business areas like eco-friendly advanced raw materials and data centers. Hyosung's investments have significantly contributed to its growth, generating annual sales of $3.7 billion solely in Vietnam.
During the meeting, Hyosung requested interest and support for its ongoing investments, including its mainstay businesses and future ventures such as eco-friendly advanced materials like bio-BDO (butanediol), sustainable aviation fuel (SAF), and data centers. Chairman Cho emphasized the need for cooperation in various fields, including securing supply chains between Korea and Vietnam, responding to climate change, and transitioning to a digital economy for the next 30 years.
Hyosung's focus on eco-friendly advanced materials aligns with global trends and Vietnam's own environmental goals. The company's commitment to sustainable technologies, such as bio-BDO and SAF, reflects the global shift towards sustainability. Additionally, the cooperation between South Korean and Vietnamese companies in securing supply chains is a strategic move for both countries, especially in light of recent global events like the COVID-19 pandemic and geopolitical tensions.
"Since Hyosung first entered Vietnam in 2007, we have grown into a company generating annual sales of $3.7 billion solely in Vietnam. As Prime Minister Pham Minh Chinh mentioned during his visit to Korea, we agree on the need for cooperation in various fields such as securing supply chains between Korea and Vietnam, responding to climate change, and transitioning to a digital economy for the next 30 years. Hyosung also wishes to contribute to Vietnam's economic development by making additional investments beyond our existing commitments to find a 100-year future in Vietnam", stated Chairman Cho.
Prime Minister Pham Minh Chinh said, "We highly appreciate Hyosung's effective corporate investment efforts and social contribution activities thus far. We will actively support Hyosung's ongoing investments and future business endeavors", remarked the Prime Minister.