HCMC – Hyosung Group, a South Korean conglomerate known for its expertise in electrical transformer manufacturing, has pledged to invest an additional US$4 billion in Vietnam, effectively doubling its total investment in the country.
During a meeting with Prime Minister Pham Minh Chinh yesterday, October 14, Hyosung Group Chairman Cho Hyun-joon expressed his confidence in Vietnam’s potential to become Asia’s leading manufacturing hub, citing the country’s stable and attractive investment environment.
Hyosung is committed to a long-term future in Vietnam, aiming to be seen not just as a South Korean company but also as an integral part of Vietnam’s economy. The additional US$4 billion investment is expected to create around 10,000 new jobs, he said.
In the near term, Hyosung plans to expand its investments in several key areas, including data centers, advanced industrial materials, sustainable biofuel plants, and carbon fiber manufacturing.
The group is also in talks with the Abu Dhabi National Oil Company (ADNOC) from the UAE to explore partnership opportunities for investment projects in Vietnam.
Chairman Cho expressed his hope that Vietnam would continue to support Hyosung and ADNOC to ensure the success of these projects. He believes that this partnership could serve as a new model for business collaboration between Vietnam, South Korea, and the UAE.
Furthermore, Hyosung will help to attract further investment from the Middle East into Vietnam.
In response, Prime Minister Pham Minh Chinh reaffirmed Vietnam’s commitment to creating a favorable environment for the sustainable growth of Hyosung’s projects.
He highlighted Vietnam’s ongoing efforts to enhance its investment climate, streamline administrative procedures, lower compliance costs, and encourage investment in strategic infrastructure development.
Hyosung is currently Vietnam’s third-largest foreign direct investment (FDI) partner from South Korea, after Samsung and LG. Since 2007, the group has invested over US$4 billion in key sectors such as materials, textiles, chemicals, and electrical systems.
With the new US$4 billion investment, Hyosung’s total planned investment in Vietnam will increase to US$8 billion.
