Hyosung Vietnam, invested by South Korea’s chaebol Hyosung, plans to invest $1 billion to build a carbon fiber factory in Phu My 2 Industrial Park, Ba Ria-Vung Tau province.
Representatives of the firm delivered the proposal to Ba Ria-Vung Tau Chairman Nguyen Van Tho at a meeting in the southern coastal province on Friday.
The investment in the initial phase is about $160 million, the representatives added. They urged provincial authorities to support legal procedures for the investment.
In reply, the provincial leader welcomed the investment and asked relevant agencies to aid the firm with investment implementation. Tho also lauded the timely deployment of Hyosung’s projects in the province, including a polypropylene (PP) factory and an LPG terminal in Cai Mep Industrial Park.
So far, Hyosung has invested $3.5 billion in Vietnam, including $1.9 billion in the southern province of Dong Nai, $1.4 billion in Ba Ria-Vung Tau, $200 million in the central province of Quang Nam, and $100 million in the northern province of Bac Ninh.
Entering Vietnam in 2007, Hyosung now runs 10 manufacturing sites and trading entities in the country.
Hyosung Vietnam Co., Ltd. recorded a profit of KRW121.4 billion ($94.35 million) on a revenue of KRW2,123.1 billion ($1.65 billion) in 2022, according to the parent company’s financial statements.