Hanwha Group committed to sustainable development in Vietnam
Hanwha Group committed to sustainable development in Vietnam
In the last two years, Hanwha, one of the top 10 economic groups in Korea, has been ramping up its investment in Vietnam’s diverse industries, particularly in finance.
The group has simultaneously engaged in corporate social responsibility (CSR) initiatives through joining hands with the Vietnamese government in a string of important projects to deal with urgent environmental issues and improve local people’s lives.
Strong investment in Vietnam
Vietnam’s economic transformation presents exciting opportunities for Hanwha, whose business ps diverse industries, including solar energy, aerospace, machinery, and finance.
Hanwha’s advanced technologies and capital power, coupled with Vietnam’s vast workforce and growth potential, lead to exciting new opportunities.
Recently, Hanwha Investment and Securities has become a major shareholder holding more than 9 million shares of Hanoi-based HFT Securities, equivalent to $4.3 million. With this, the company acquired 90.05 per cent of HFT's capital.
The HFT acquisition continues the latest wave of major investments from Hanwha, South Korea's leading financial group, which is eyeing growth in the promising finance sector in Vietnam.
At the end of 2018, Hanwha Life Vietnam raised its capital for the second time to $233 million and became one of the most financially powerful life insurance companies in the Vietnamese market.
According to the group's leaders, strong investment in Vietnam’s financial sector could help the group achieve their strategic objective of expanding operations across Southeast Asia.
Vietnam was highlighted as the most important base for Hanwha Group to develop and invest in other markets in the region.
With advanced technologies and capital power, Hanwha has continually expanded its investment scope to diverse industries, including solar energy, aerospace, and machinery in Vietnam.
In 2017, Hanwha Techwin built a plant to manufacture security products in the northern province of BacNinh.
Hanwha Aerospace, meanwhile, opened a brand new aircraft engine parts and components manufacturing plant in Hoa Lac Hi-Tech Park near Hanoi in December 2018.
These two plants now serve as strategic production bases that will support Hanwha’s continuing growth and its goal to become a global leader in the plants’ respective fields.
Hanwha is also quickly expanding its solar energy business in Vietnam thanks to the Vietnamese government’s active support for renewable energy production.
In 2018, Hanwha Energy opened a representative office in Ho Chi Minh City and began business development operations. Hanwha Energy is also working on the construction of a solar power plant in Khanh Hoa province in Vietnam’s south-central coast.
Work on the plant is expected to be completed by June 2019, after which Hanwha will generate and supply electricity for the region for the next three years and potentially more.
Active contribution to the community
In December 2018, Hanwha Group chairman Seung Youn Kim visited Vietnam and stressed that, “As a member of the local community, Hanwha won’t just be concerned with how we can contribute to the economy, but also how we can help address environmental issues as well.”
He also expressed that Hanwha understands that the environment is a vital and sensitive issue of every country and that the Mekong River is an integral part of the lives of Vietnamese people in the Mekong Delta.
That is why Hanwha, with support from the Vietnam Environment Administration and the Global Green Growth Institute (GGGI), launched the Clean Up Mekong campaign in Vinh Long province in southern Vietnam.
Under the campaign, Hanwha Group donated two solar-powered boats to Vinh Long to be used to clean up the river.Powered and propelled by Hanwha Q CELLS’ Q.PEAK solar modules, the boats will be used to scoop up waste in the Mekong River without emitting any greenhouse gases or other pollutants.
The boats are also silent, resulting in minimal disturbance to local wildlife. Vinh Long is the first province to pilot this project.
If proven successful, Hanwha plans to extend the campaign to other provinces in Vietnam.The campaign received high appreciation from provincial representatives and the Vietnamese government.
Hanh Le, deputy country representative of the Global Green Growth Institute in Vietnam, said,“With Hanwha’s solar boats and the awareness campaign around it, we can begin to see a cleaner Mekong River, which will benefit all of Vietnam.”
Back Jong Kook, CEO cum chairman of the Member Council of Hanwha Life Vietnam (a member of Hanwha Group), said, "Cleaning up the Mekong River is a truly meaningful project that would protect the local environment and improve the quality of life for Vietnamese people. This activity once again affirms the mission of Hanwha Group and Hanwha Life Vietnam to contribute more and more to Vietnam as a member of the local community.”
Over the past ten years, Hanwha Life Vietnam has been financing more than VND30 billion ($1.3 million) through numerous community-based projects. These included Hanwha Life Vietnam presenting 50,313 health insurance cards to poor people and building more than 160 “houses of love” across the country.
Adding to that, the company has built four health centres and two schools, and offered a large number of scholarships and bicycles to students, as well as put together various charity events to aid poor children in many places across the country.
Recognising the firm's positive contributions to the community, in 2017, Hanwha Life Vietnam was named among the Top 10 sustainable businesses in Vietnam.
Previously in 2015, Hanwha Life Vietnam was honoured with the Corporate Social Responsibility (CSR) award by the Korean Consulate, the Vietnamese Ministry of Planning and Investment, and the Korean Ministry of Commerce, Industry and Energy.
