Hyundai Motor, Doosan willing to up localization rate in Vietnam
South Korean giants Hyundai Motor Group and Doosan Enerbility will invest more and improve their localization rate in Vietnam, executives told Vietnamese Prime Minister Pham Minh Chinh in Seoul Monday.
Hyundai Motor
Hyundai Motor, one of the most well-known auto brands in Vietnam, is striving to transfer new technologies to Vietnam as the electric vehicle (EV) market grows in the country and around the world, said executive chair Euisun Chung.
He said his firm would provide training courses to take advantage of Vietnam’s strength - a young and talented workforce.
Prime Minister Pham Minh Chinh (right) and Hyundai Motor executive chair Euisun Chung meet in Seoul, July 1, 2024. Photo courtesy of the government's news portal.
PM Chinh encouraged Hyundai Motor to invest more in Vietnam, especially in green transportation, technology transfer, workforce training and improvement of the localization rate. He also suggested that Hyundai Motor pay more attention to social welfare activities, including the promotion of football, which it has done through sponsorship of leagues and tournaments.
In Vietnam, Hyundai has invested $415 million and employed 2,300 people while reaping annual revenues of around $2.6 billion. Hyundai was the best-selling automobile brand in Vietnam this January-May with 19,334 units.
Meanwhile, for the KIA brand, Hyundai Motor cooperates with Vietnamese conglomerate Thaco to let the latter manufacture and assemble vehicles. KIA was also a top-selling automobile brand in Vietnam in the first five months of this year with 11,133 units.
Doosan Enerbility
Yeonin Jung, vice chairman and COO of Doosan Enerbility, also former president of Doosan Vina, said the company aims to expand investments in Vietnam, transfer technology and management to Vietnamese businesses in the design, construction, and installation of power plants and increase the localization rate of equipment produced at Doosan Vina’s factory in the central province of Quang Ngai.
Prime Minister Pham Minh Chinh (right) and Yeonin Jung, vice chairman and COO of Doosan Enerbility, at a meeting in Seoul on July 1, 2024. Photo courtesy of the government's news portal.
Doosan Enerbility has also targeted joining offshore wind power projects in Vietnam and applying carbon reduction technology at power plants in the country to help meet its zero-emission target, the exec said.
It is planning to sign memoranda of understanding with Vietnamese firms on clean energy and emission reduction, he added.
PM Chinh lauded Doosan Enerbility’s plans, especially for offshore wind power; and asked the firm to continue collaborating with Vietnamese partners to resolve issues that crop up. Doosan Enerbility can report issues beyond the jurisdiction of its partners to the authorities for solutions, he added.
Doosan Enerbility established Doosan Vina in 2006 with an investment of $300 million. The Vietnamese subsidiary has so far supplied heavy industry equipment valued at over $3 billion for 398 projects in 35 economies around the world. The company is now focusing on renewable and clean energy.
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