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Thursday, April 25, 2024

S.Korea’s Hyosung plans to invest US$2 billion more in Vietnam

The Saigon Times

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HCMC – Hyosung Group, a South Korean conglomerate known for its expertise in electrical transformer manufacturing, is planning to inject an additional investment of US$2 billion into Vietnam this year.

The announcement was made by Cho Hyun-sang, vice chairman of Hyosung Group, during a meeting on opportunities for investment in Vietnam, presided over by Prime Minister Pham Minh Chinh in Switzerland, according to the local media.

Many South Korean companies, seeing the favorable investment environment in Vietnam, are actively exploring ways to expand their presence in the country, and Hyosung Group is one of them.

With this additional investment, the conglomerate’s total capital investment in Vietnam would amount to US$5 billion.

Hyosung has already invested US$3.5 billion in Vietnam, employing around 9,000 local workers and achieving annual revenue of US$25 billion.

The company values Vietnam’s strengths, which include effective central government leadership, strong support from local authorities, and the diligent and dedicated work ethic of the Vietnamese workforce.

Founded in 1962, Hyosung is a major South Korean conglomerate specializing in electrical transformers. Their products are exported to over 70 countries and territories worldwide.

In Vietnam, the company has made investments in various major cities and provinces, including Hanoi, HCMC, Dong Nai and Ba Ria-Vung Tau.

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