Korea’s Hyosung, Vietnam Electricity eye technological cooperation
South Korean industrial chaebol Hyosung and state utility Vietnam Electricity (EVN) plan to enhance their technological cooperation, company executives said at a Friday meeting.
In particular, Hyosung seeks long-term cooperation with EVN in voltage regulator static compensator (GIS STATCOM), electrical systems solutions (ESS), construction of power transmission line, and renewable energy, said Hyosung Heavy Industries CEO Takeshi Yokota.
Yokota also affirmed Hyosung has been deploying investments in Vietnam as the market holds high potential.
In reply, EVN chairman Dang Hoang An said EVN is willing to collaborate with Hyosung. He also asked EVN’s subsidiary Dong Anh Electrical Equipment to have discussions with Hyosung regarding development of static var compensators (SVC), static synchronous compensators (STATCOM), and electric transformers.
Dong Anh Electrical Equipment Corporation JSC, listed on the unlisted public company market (UPCoM) as TBD, was established in 1981. EVN is the biggest stakeholder with 46.58%, followed by local electrical equipment firm Thibidi with 46.17%.

EVN chairman Dang Hoang An (left, center) at a meeting with Hyosung Heavy Industries CEO Takeshi Yokota (right, center) in Hanoi, February 2, 2024. Photo courtesy of EVN.
Hyosung, which has invested $3.5 billion in Vietnam, said last month that it plans to invest another $2 billion this year in the country. The chaebol’s vice chairman Cho Hyun-sang mentioned the plan at a Davos workshop held during Prime Minister Pham Minh Chinh’s Switzerland visit.
In February 2024, Hyosung said it plans to invest $400 million in a hydro-treated vegetable oil (HVO) project for manufacturing aviation fuel in the southern coastal province of Ba Ria-Vung Tau.
In December 2023, Hyosung announced plans to invest an additional $720 million in Ba Ria-Vung Tau for a biofiber factory. This is set to become the world’s first project to use raw sugar to manufacture biofiber, a material used for spandex fiber.
In October 2023, the company received in-principle approval from Ba Ria-Vung Tau's industrial park authority to build a $540 million carbon fiber factory. The factory would have an annual capacity of 4,800 tons in the first phase, which is scheduled to become operational in February 2025.
- Read More
Vietnam’s army-backed construction firm proposes 14 offshore wind power projects
Lung Lo Construction Corporation (LLC), under the Ministry of National Defense, has submitted investment proposals for 14 offshore wind power projects with a combined capacity of 9,000 MW.
Energy - Thu, August 7, 2025 | 5:07 pm GMT+7
Vietnam's agri major Hoang Anh Gia Lai fined for bond information disclosure failure
Vietnam's agri major Hoang Anh Gia Lai JSC has been fined VND92.5 million ($3,528) for failing to disclose bond-related information as required by law.
Companies - Thu, August 7, 2025 | 4:31 pm GMT+7
Northern Vietnam province accelerates $2.2 bln LNG-to-power project
Quang Ninh province will hand over 4.9 hectares of reclaimed land to the Quang Ninh LNG-fuelled power plant project before August 11, local authorities stated at a meeting on Wednesday.
Energy - Thu, August 7, 2025 | 4:17 pm GMT+7
Vietnam's seafood firms ride profit wave ahead of US tariff hike
Vietnam’s seafood companies reported surging profits in Q2/2025, driven by importers ramping up purchases ahead of new U.S. reciprocal tariffs.
Economy - Thu, August 7, 2025 | 2:21 pm GMT+7
Le Anh Tuan appointed new CEO of Dragon Capital Vietfund Management JSC
Dragon Capital Group, Vietnam's largest asset manager, has appointed Le Anh Tuan as CEO of its arm Dragon Capital Vietfund Management Joint Stock Company (DCVFM), starting from October 1, 2025.
Companies - Thu, August 7, 2025 | 2:01 pm GMT+7
Indonesia, Malaysia, Thailand expand local currency transaction network
Bank Indonesia, Bank Negara Malaysia, and Bank of Thailand have added new Appointed Cross Currency Dealer (ACCD) participating banks to broaden services for bilateral transactions in local currencies across the three nations, Bank Indonesia said in a statement on Tuesday.
Southeast Asia - Thu, August 7, 2025 | 12:48 pm GMT+7
ASEAN to sign MoU on regional power grid implementation
ASEAN member states are set to sign an MoU on the implementation of the ASEAN Power Grid during the bloc’s Energy Ministers’ Meeting this October.
Southeast Asia - Thu, August 7, 2025 | 12:43 pm GMT+7
Vietnam overtakes Thailand to become world's second-largest rice exporter
Vietnam has outranked Thailand as the world’s second-largest rice exporter in the first half of 2025, Thai PBS reported on August 3, citing the Thai Rice Exporters Association.
Companies - Thu, August 7, 2025 | 12:41 pm GMT+7
Vietnam posts trade surplus of $10.18 bln in 7 months
Vietnam’s export earnings grew by 14.8% to $262.44 billion in the first seven months of this year, while its import turnover rose by 17.9% to $252.26 billion, resulting in a trade surplus of $10.18 billion.
Economy - Thu, August 7, 2025 | 12:19 pm GMT+7
Malaysia pledges big purchases, investments with US
Malaysia has agreed to buy and invest over $240 billion (MYR1.02 trillion) in the U.S. to help reduce the trade gap between the two countries.
Southeast Asia - Thu, August 7, 2025 | 12:08 pm GMT+7
Vietnam's leading property developer Novaland to issue 152 mln shares to settle $229 mln debt
Novaland, a major real estate developer in Vietnam, plans to issue nearly 152 million new shares to swap more than VND6 trillion ($228.8 million) worth of bond principal.
Companies - Thu, August 7, 2025 | 10:11 am GMT+7
Vietnam's FDI capital disbursement hits five-year record high despite US tariff turmoil
Disbursed foreign direct investment (FDI) capital in Vietnam reached $13.6 billion in Jan-July, up 8.4% year-on-year, despite U.S. tariff concerns.
Economy - Thu, August 7, 2025 | 9:57 am GMT+7
Malaysia steps up efforts to explore nuclear energy potential
Malaysia’s Minister of Science, Technology and Innovation Chang Lih Kang on Wednesday reaffirmed his ministry’s commitment to enhancing cooperation with the Ministry of Energy Transition and Water Transformation (PETRA) in exploring the potential of nuclear energy.
Southeast Asia - Thu, August 7, 2025 | 8:10 am GMT+7
Indonesia's economy grows faster than expected
Indonesia's economy expanded by 5.12% year-on-year in Q2/2025, up from 4.87% in the previous quarter, exceeding the forecasts of many economic organizations, which had previously projected a rate of less than 5%, according to Statistics Indonesia (BPS).
Southeast Asia - Thu, August 7, 2025 | 8:07 am GMT+7
Philippine energy group eyes investment in Vietnam’s power sector
AboitizPower wants to invest in Vietnam’s electricity industry, especially in transmission infrastructure, said Danel Aboitiz, executive director of the corporation.
Energy - Wed, August 6, 2025 | 11:11 pm GMT+7
Vietnam seeks 8.3-8.5% economic expansion for 2025
The Government has requested the State Bank of Vietnam to proactively adjust the credit growth aim for this year in line with a GDP expansion target of 8.3-8.5%.
Economy - Wed, August 6, 2025 | 10:41 pm GMT+7