S Korea chaebol Hyosung to invest $4 bln more in Vietnam
Hyosung plans to invest an additional $4 billion in Vietnam as the South Korean chaebol commits to long-term engagement in the Southeast Asian country.
Chairman Cho Hyun-joon unveiled the chaebol's intention at a meeting with Vietnamese Prime Minister Pham Minh Chinh in Hanoi on Monday.
The meeting was the second between the two sides in the last three months, following the Vietnam-South Korea business meeting in Seoul in July as part of Chinh’s South Korea visit.
Hyosung chairman Cho Hyun-joon (left) and Prime Minister Pham Minh Chinh at a meeting in Hanoi, October 14, 2024. Photo courtesy of the government's news portal.
Prior to the latest commitment, Hyosung had invested $4 billion in Vietnam with over 10,000 employees, making the chaebol the third-largest South Korean investor in Vietnam, the executive said.
Hyosung’s latest investments of $1.3 billion in a carbon fiber plant and a bio-based production factory in Vietnam’s southern province of Ba Ria-Vung Tau are set to begin construction next year, Cho tipped.
The upcoming investments can create 10,000 jobs in Vietnam and make major contributions to the nation’s socioeconomic development, he said. They will include data centers, materials for high-tech industries, sustainable aviation fuel (SAF), and carbon fiber, he added.
Hyosung is inviting the UAE’s Abu Dhabi National Oil Company (ADNOC) to accompany its investments in Vietnam, Cho emphasized. He called for support from the Vietnamese government to push for investment and collaboration among the three countries. Hyosung strives to promote investments from the Middle East into Vietnam, he added.
Agreeing with the proposal, PM Chinh asked relevant ministries and agencies to cooperate with Hyosung in project deployment. He also backed the Hyosung-ADNOC collaboration, calling on the firms to invest in high-tech and green technologies and supporting industries, innovation, and technology transfer to help Vietnamese firms join the global supply chain.
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