Hyosung Group to expand business in Viet Nam

Friday, Mar 30, 2018 09:00

Cho Hyun-joon, Hyosung Group chairman, has recently met with Prime Minister Nguyen Xuan Phuc to discuss ways to expand its business in Viet Nam.

At the meeting, Cho said: "We plan to invest in the chemical and heavy industry sectors, including polypropylene and motor vehicles, and also get into construction of infrastructure including power, roads and ports in Viet Nam."

Viet Nam is in urgent need of developing electricity, traffic and other infrastructure due to its rapid economic development.

Hyosung is confident of achieving success in its Vietnamese infrastructure projects based on the skills and ideas it has accumulated in the power transmission and construction sectors.

Prime Minister Phuc expressed Viet Nam’s desire to actively co-operate with Hyosung Group. Promoting IT-related businesses such as ESS, ATM, electronic payment and FinTech is also under consideration.

Cho hyun-sang, President of Hyosung Group, accompanied President Moon Jea-in during his visit

Cho hyun-sang, the president of Hyosung Group, accompanied the President’s economic mission to visit Viet Nam in order to promote the investment in Viet Nam.

At the ASEAN youth job agreement ceremony and job fair, Cho Hyun-sang, the president of Hyosung, expressed the desire to actively contribute to creating overseas jobs for Korean youth in future. He also attended the Korea-Viet Nam business forum and state dinner between the two countries and supported the Government’s new southern policies by discussing future business co-operation plans with major government officials and business leaders from the two countries.

Investing in Viet Nam – a key for Hyosung to lead global market

Hyosung has invested around US$ 1.5 billion since its entry into Viet Nam in 2007. It is the largest Korean company at Nhon Trach Industrial Zone.

At its 1.2million sq.m-site, it produces major Hyosung products such as spandex and nylon and steel tyre cords. It employs over 7,000 people locally.

In addition, Hyosung has invested $1.3 billion to set up a polypropylene plant in the southern province of Ba Ria – Vung Tau. The company is now constructing a dehydrogenation process facility and an LPG storage tank in the central Quang Nam Province.

Furthermore, since 2011 Hyosung has been sending teams of medical volunteers to treat more than 10,000 people. In the cases of patients found to be high-risk during treatment, Hyosung sent them to Korea for treatment and fully covered the cost.

Hyosung has actively engaged in social activities such as donating libraries to elementary schools near its plant and gifting spectacles to students with poor vision.

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