S.Korea’s Hyosung deliberates another $4bn investment in Vietnam
S.Korea’s Hyosung deliberates another $4bn investment in Vietnam
Cho Hyun-joon, chairman of South Korea’s industrial conglomerate Hyosung, has revealed the firm’s intention to pour another US$4 billion into various projects in Vietnam, as he believes the country, with its trustworthy investment environment, will become a manufacturing hub of Asia.
Cho Hyun-joon (L), chairman of South Korea’s Hyosung Group, shakes hands with Vietnamese Prime Minister Pham Minh Chinh at their talks in Hanoi, October 14, 2024. Photo: Doan Bac |
Cho shared the investment plan with Vietnamese Prime Minister Pham Minh Chinh at a meeting held in Hanoi on Monday as part of his business trip to Vietnam.
This is the second time over the past three months that PM Chinh has met with the Hyosung leader.
Highly appreciating the trust, efforts, and determination of Hyosung, Chinh praised the group's investment and business outcomes in recent times, especially in industrial production, construction, trade, and information technology.
PM Chinh affirmed that the Vietnamese government will continue to accompany the group and create conditions conducive to its investment plans.
Meanwhile, Cho said the group has invested about $4 billion in some projects in Vietnam, expected to create a total of about 10,000 jobs, including a biotechnology factory and a carbon fiber plant that will break ground in southern Ba Ria-Vung Tau Province next year.
Assessing Vietnam's investment environment as reliable, the chairman expressed his belief that Vietnam will become a manufacturing center in Asia soon.
Cho stated that the group is making a commitment to building a 100-year vision in Vietnam.
Therefore, Hyosung plans to invest an additional $4 billion in some other projects in the country to generate about 10,000 more jobs, thereby contributing to Vietnam's economic development and boosting the group’s corporate social responsibility.
It is expected that the group will expand investment in industrial data centers and in producing high-tech industrial materials, aviation biofuel, and carbon fiber, Cho said.
Noting that Hyosung is inviting the UAE’s Abu Dhabi National Oil Company (ADNOC) to act as a partner in its projects here, Cho hoped that the government would facilitate the partnership toward forming a Korea-Vietnam-UAE cooperation model.
Cho added that his group will also help attract investment from the Middle East to Vietnam.
Welcoming Hyosung's investment expansion plans, PM Chinh expressed Vietnam's support for high-tech manufacturing, particularly in new materials, endorsing the cooperation between Hyosung and ADNOC for developing projects in Vietnam.
He encouraged them to prioritize advanced green technologies, facilitate technology transfers to Vietnamese partners, support domestic industries, and help local businesses integrate into global supply chains.
The Vietnamese leader also requested Hyosung to pay attention to environmental protection, promote connections with domestic enterprises, and ensure social security for workers.
Hyosung, which is active in construction, industrial materials, information technology, industrial electricity, chemicals, and trade, is the third-largest foreign investor from South Korea in Vietnam.
