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.
- Related News
- Read More
Singapore's YCH Group eyes developing logistics center in southern Vietnam economic zone
Tay Ninh province has pledged full support to Singapore’s YCH Group in developing a logistics center within its Moc Bai Border Gate Economic Zone.
Industries - Sat, July 12, 2025 | 1:48 pm GMT+7
Vietnam PM asks US firms to sustain support for 'reasonable, detailed tariff pact'
Prime Minister Pham Minh Chinh has called on U.S. businesses to continue supporting the Vietnamese government in dialogues with U.S. agencies to soon reach "a reasonable, detailed tariff agreement for individual products and product groups".
Economy - Sat, July 12, 2025 | 11:32 am GMT+7
Mergers of Vietnamese provinces unlock new property development opportunities
The merging of Vietnamese localities is expected to create a strong "boost" for the real estate market as expanded planning space, synchronized infrastructure, and new land reserves are key factors driving the market's transformation.
Real Estate - Sat, July 12, 2025 | 11:00 am GMT+7
Measures proposed for Thailand to minimize US tariff impacts
Financial and banking experts in Thailand have warned that the U.S.'s proposed 36% tariff on Thai goods is likely to severely undermine Thailand's export competitiveness.
Southeast Asia - Sat, July 12, 2025 | 9:06 am GMT+7
Chinese construction major PCG eyes $383 mln underwater tunnel project in northern Vietnam
Pacific Construction Group (PCG), one of China’s leading construction firms, has expressed interest in developing a VND10 trillion ($383 million) underwater road tunnel in Quang Ninh, a coastal province in northern Vietnam.
Infrastructure - Sat, July 12, 2025 | 8:04 am GMT+7
Vingroup stocks pull VN-Index up for sixth consecutive session
VN-Index, which represents the Ho Chi Minh Stock Exchange, on Friday increased for the sixth consecutive session thanks to large-cap stocks, with foreign investors continuing to strongly net buy.
Finance - Fri, July 11, 2025 | 7:20 pm GMT+7
Coca-Cola inaugurates largest-scale Vietnam factory in Tay Ninh province
Coca-Cola Beverages Vietnam on Friday inaugurated a $136 million factory in Tay Ninh province, the largest-scale among its four facilities in Vietnam.
Industries - Fri, July 11, 2025 | 5:27 pm GMT+7
Vietnam halts use of German ODA loans for HCMC metro line
The Government has approved a proposal by Ho Chi Minh City to stop borrowing official development assistance (ODA) loans from Germany’s KfW development bank for Metro Line No. 2 and instead use domestic funds to avoid further delays.
Economy - Fri, July 11, 2025 | 3:25 pm GMT+7
Seventeen housing projects foreigners allowed to buy in HCMC
Ho Chi Minh City has announced a list of 17 residential projects located in areas where foreign organizations and individuals are allowed to own houses.
Real Estate - Fri, July 11, 2025 | 3:17 pm GMT+7
Auto enterprises to enjoy preferential import tariff policies
The Government has issued a decree amending and supplementing Decree No. 26/2023/ND-CP on the export and preferential import tariff schedules, as well as the lists of goods subject to absolute tax, mixed tax, and out-of-quota import duties.
Companies - Fri, July 11, 2025 | 2:13 pm GMT+7
Korean chaebol Samsung’s revenue makes up 13% of Vietnam’s GDP in 2024
Samsung’s revenue and export in Vietnam accounted for approximately 13.12% of the country’s GDP and 13.4% of its total export turnover in 2024, respectively, according to the National Statistics Office.
Companies - Fri, July 11, 2025 | 2:09 pm GMT+7
JPMorgan upgrades Vietnam stocks to overweight following US tariff deal
JPMorgan Chase has upgraded Vietnam stocks to overweight after the country became the first Southeast Asian nation to reach a preliminary tariff deal with the U.S.
Economy - Fri, July 11, 2025 | 11:38 am GMT+7
Vietnam government bond issuance surges nearly 70% in June
The Hanoi Stock Exchange (HNX) held 16 government bond auctions in June, raising nearly VND30.5 trillion ($1.2 billion), up 68.8% from May.
Finance - Fri, July 11, 2025 | 9:30 am GMT+7
Xuan Truong Company asked to make feasibility study for airport proposal in northern Vietnam
The Ministry of Construction has asked Ninh Binh authorities to prepare a feasibility study on the potential development of an international airport in the province, the ministry said in a report submitted to the Government regarding a proposal from private construction company Xuan Truong.
Companies - Fri, July 11, 2025 | 9:18 am GMT+7
Vietnam-US tariff agreement: A strategic turning point toward deeper integration
The tariff agreement between Vietnam and the U.S. marks not only a trade or diplomatic breakthrough but also reflects a long-term strategic vision, bold foreign policy, and Vietnam’s commitment to deep global integration, writes Nguyen Tuan Viet, an export promotion expert and CEO of Vietgo.
Opinion - Fri, July 11, 2025 | 9:00 am GMT+7
Apple supplier Luxshare enjoys 0% corporate income tax in central Vietnam province
China’s Luxshare-ICT, a key supplier to Apple, reported that its subsidiaries in Vietnam’s central province of Nghe An enjoyed a 0% corporate income tax last year.
Companies - Fri, July 11, 2025 | 8:00 am GMT+7
