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%.

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.