S Korean chaebol Hyosung to pour additional $1.5 bln into Vietnam
Hyosung has decided to invest an additional $1.5 billion in Vietnam, part of the South Korean chaebol’s commitment to envisioning its future for the next 100 years in the Southeast Asian nation.
Bae In Han, general director of Hyosung Dong Nai and the company’s top representative in Vietnam, spoke of the decision while meeting with Vietnamese Prime Minister Pham Minh Chinh on Thursday.
Prime Minister Pham Minh Chinh (right) meets with Bae In Han, general director of Hyosung Dong Nai, in Ba Ria-Vung Tau province, March 20, 2025. Photo courtesy of the government's news portal.
The fresh investment will fund a biotechnology-based production plant and a carbon fiber factory in the southern province of Ba Ria-Vung Tau, Bae elaborated.
He reiterated the group's commitment to "put the next 100 years in Vietnam" as the country has a stable and favorable investment environment for business development.
Bae noted that local authorities have actively supported the company, with many issues related to its projects resolved such as import of microorganisms for biotechnology-based production.
However, to ensure smooth operations in Vietnam, Bae proposed that the local government establish a single-window mechanism to quickly resolve legal obstacles for foreign firms. He also made several recommendations regarding tax levels and tax refunds.
PM Chinh, in reply, directed the Ministry of Finance to study and apply current legal regulations, and if there need solutions beyond its authority, the ministry must report to higher authorities, in the spirit that the biotechnology industry needs appropriate incentives.
He suggested Hyosung source biomaterials from Vietnam for its projects.
Before this latest commitment, Hyosung had already invested $4.6 billion in Vietnam, generating $16 billion in revenue in 2023, making it the country’s third-largest South Korean investor.
During his talks with PM Chinh last October, Hyosung Chairman Cho Hyun-joon stated that the conglomerate plans to invest an additional $4 billion in Vietnam. This investment includes funding for the carbon fiber plant and bio-based production factory, both of which are expected to begin construction this year.
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