S Korea chaebol Hyosung to invest $4 bln more in Vietnam

By Tri Duc
Tue, October 15, 2024 | 11:50 am GMT+7

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.

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.

Comments (0)
  • Read More
Prime Minister suggests AstraZeneca build pharma factory in Vietnam

Prime Minister suggests AstraZeneca build pharma factory in Vietnam

Vietnam is willing to license AstraZeneca immediately to build vaccine and pharmaceutical factories, said Prime Minister Pham Minh Chinh.

Industries - Sat, June 14, 2025 | 10:59 pm GMT+7

Sugary drinks subject to excise tax in Vietnam from 2027

Sugary drinks subject to excise tax in Vietnam from 2027

Sugary drinks in Vietnam will be subject to an 8% excise tax starting in early 2027 and 10% from 2028, according to the adjusted Excise Tax Law, passed by the parliament on Saturday.

Economy - Sat, June 14, 2025 | 4:56 pm GMT+7

Ericsson should focus on 6G research, build database for AI in Vietnam: Prime Minister

Ericsson should focus on 6G research, build database for AI in Vietnam: Prime Minister

Prime Minister Pham Minh Chinh has suggested Ericsson's cooperation with Vietnam should focus on piloting innovation initiatives, 6G research, and building a database for AI in the country.

Economy - Sat, June 14, 2025 | 3:59 pm GMT+7

Swedish giants H&M, Syre to scale up operations in Vietnam

Swedish giants H&M, Syre to scale up operations in Vietnam

H&M, a globally renowned fashion brand from Sweden, plans to expand its network of stores in Vietnam to over 20 in the time to come, said CFO Adam Karlsson.

Industries - Sat, June 14, 2025 | 2:16 pm GMT+7

Leading industrial park developer Becamex to gain from Binh Duong province’s merger into HCMC: broker

Leading industrial park developer Becamex to gain from Binh Duong province’s merger into HCMC: broker

Becamex IDC Corp, a leading urban and industrial park developer based in Binh Duong, is expected to benefit from the province’s merger into Ho Chi Minh City, with many new development opportunities, according to Vietcombank Securities (VCBS).

Companies - Sat, June 14, 2025 | 8:00 am GMT+7

Vietnam Airlines secures $1.5 bln funding from ING Bank for strategic expansion

Vietnam Airlines secures $1.5 bln funding from ING Bank for strategic expansion

Vietnam Airlines and ING Bank have signed an MoU for bilateral financial cooperation, securing capital funding of up to $1.5 billion.

Companies - Fri, June 13, 2025 | 10:56 pm GMT+7

Lawmakers scrutinize dual-city international financial center plan

Lawmakers scrutinize dual-city international financial center plan

Discussing a draft resolution on establishing an international financial center in Vietnam, some parliament members have proposed careful consideration of a dual-city model based on regional development strategies and investment efficiency.

Finance - Fri, June 13, 2025 | 10:49 pm GMT+7

Vietnam among world’s most food-self-sufficient nations: study

Vietnam among world’s most food-self-sufficient nations: study

As concerns mount over the potential for disruptions to global trade, a new study published in the journal Nature Food has identified Vietnam as one of the few countries with a high level of food self-sufficiency, capable of withstanding major interruptions to food imports and exports worldwide.

Southeast Asia - Fri, June 13, 2025 | 10:41 pm GMT+7

Bad debts at Vietnamese commercial banks remain a concern

Bad debts at Vietnamese commercial banks remain a concern

While the most challenging period for bad debts in Vietnam appears to have passed, potentially irrecoverable debts have reached a record high, accounting for 1.25% of total outstanding customer loans, or more than VND176 trillion ($6.74 billion), according to a new report by research firm Vietnam Report JSC.

Banking - Fri, June 13, 2025 | 7:58 pm GMT+7

Vietnam's galvanized steel major Ton Dong A to focus on domestic sales amid export market woes

Vietnam's galvanized steel major Ton Dong A to focus on domestic sales amid export market woes

Ton Dong A, a leading galvanized steel manufacturer in Vietnam, will focus more on the domestic market due to export difficulties, raising the ratio of domestic sales to 75%.

Companies - Fri, June 13, 2025 | 4:56 pm GMT+7

Vietnam's leading construction materials maker Viglacera appoints new chairman

Vietnam's leading construction materials maker Viglacera appoints new chairman

The board of directors of Viglacera, Vietnam's leading construction materials maker, has appointed Tran Manh Huu as new chairman, succeeding Nguyen Van Tuan.

Companies - Fri, June 13, 2025 | 3:08 pm GMT+7

Vietnam urges Exxon Mobil to accelerate long-delayed Blue Whale gas field project

Vietnam urges Exxon Mobil to accelerate long-delayed Blue Whale gas field project

Vietnam expects the U.S.'s Exxon Mobil to speed up the long-delayed Blue Whale gas field project in line with the contract.

Energy - Fri, June 13, 2025 | 2:06 pm GMT+7

Prime Minister invites Swedish firms to invest in Vietnam's technology infrastructure, renewable energy

Prime Minister invites Swedish firms to invest in Vietnam's technology infrastructure, renewable energy

Prime Minister Pham Minh Chinh says he hopes Swedish companies will continue to expand their investment in Vietnam's information technology infrastructure, especially in remote areas.

Economy - Fri, June 13, 2025 | 11:28 am GMT+7

Singapore’s Keppel earns $76 mln from partial sale of property complex in southern Vietnam

Singapore’s Keppel earns $76 mln from partial sale of property complex in southern Vietnam

Singapore-based Keppel Corporation brought in SGD98 million ($76.54 million) from selling a 22.6% stake in a property complex in Vietnam’s southern metropolis of Ho Chi Minh City.

Real Estate - Fri, June 13, 2025 | 8:28 am GMT+7

Thailand tightens e-commerce rules

Thailand tightens e-commerce rules

Thailand is preparing to increase oversight of digital marketplaces, adding rules for certain types of platforms to strengthen consumer protection and ensure responsible e-commerce, Bangkok Post quoted the Electronic Transactions Development Agency (ETDA) as saying.

Southeast Asia - Thu, June 12, 2025 | 10:56 pm GMT+7

Malaysia attracts nearly $21 bln investment in Q1

Malaysia attracts nearly $21 bln investment in Q1

Malaysia has secured MYR89.8 billion (nearly $21 billion) in approved investments for Q1, a 3.7% year-on-year increase amid a challenging global economic backdrop, according to the Malaysian Investment Development Authority (MIDA).

Southeast Asia - Thu, June 12, 2025 | 10:53 pm GMT+7