Hyosung T&C invests $118 mln in Vietnam nylon business
Hyosung T&C, the spandex arm of South Korean chaebol Hyosung, will invest $118.2 million to acquire 100% ownership of Vietnam-based Hyosung DongNai Nylon Co., Ltd., a fiber producer.
In a filing with the Korean Stock Exchange last week, Hyosung T&C said the move aimed to strengthen its competitiveness in the nylon business sector.
Hyosung T&C also said that it had decided on the move in May 2022 and aimed to complete the acquisition later this month. So far, the firm has paid $110 million of the total investment of $118.2 million.
A Hyosung factory in Dong Nai province, southern Vietnam. Photo courtesy of Hyosung Vina.
Before the latest move, the Vietnamese firm, based in the southern province of Dong Nai, was an affiliate company of the South Korean chaebol, focusing on manufacturing and sales of nylon items.
The acquisition value is equivalent to 3.31% of the Vietnamese firm’s total assets of KRW4,526.5 billion ($3.36 billion) as of the end of the most recent fiscal year (2021), according to the filing.
South Korean giant Hyosung, which has invested $3.5 billion in Vietnam, plans to invest another $2 billion this year, its vice chairman Cho Hyun-sang had said at Davos workshop in January during Prime Minister Pham Minh Chinh’s Switzerland visit.
In March 2024, two Vietnam subsidiaries of the chaebol secured licenses to invest an additional $779 million in the southern province of Ba Ria-Vung Tau.
Hyosung Vina Chemicals Co., Ltd. will pour another $49 million into a project comprising a polypropylene (PP) plant and an underground liquefied petroleum gas (LPG) storage at the Cai Mep Industrial Park, raising its total investment to $1.6 billion.
Its sister company, Hyosung Dong Nai Co., Ltd., will invest $730 million in a bio-based 1,4 Butanediol (BDO) production plant at the Phu My 2 Industrial Park. BDO is a compound used in the production of important polymers.
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