Vietnamese prime minister greenlights $4 billion Hyosung investment

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Vietnamese prime minister greenlights $4 billion Hyosung investment

Published: 15 Oct. 2024, 17:44

CHO YONG-JUN
cho.yongjun1@joongang.co.kr

Hyosung Chairman Cho Hyun-joon talks with Vietnamese Prime Minister Pham Minh Chinh in Hanoi on Monday. [HYOSUNG]

Hyosung Chairman Cho Hyun-joon secured Vietnamese Prime Minister Pham Minh Chinh's support for a future investment of at least $4 billion during a visit to Hanoi on Monday.

The chemical and textile-focused conglomerate has invested $4 billion since entering the Vietnamese market in 2007. Chairman Cho spoke of plans to invest more than that accumulated amount going forward in Monday's meeting with the prime minister, though he did not specify a time frame.

Vietnam’s Prime Minster promised active support to aid the company’s investment plans.

The company will use the funds to further its current investments inVietnam's transformer, chemical and spandex industries while also venturing into the biodegradable chemical bio-butanediol, sustainable aviation fuel and data centers.

Hyosung Chairman and Vietnam’s Prime Minister also agreed that the two countries and companies should work together to build supply chains, react to climate change and support each other in the transition to a digital economy.

“Hyosung hopes to contribute to Vietnam’s economic development as the company invests more in the country,” the chairman said during the discussion.

“We highly value the effective investment done by Hyosung on top of its social contribution activities in the country,” the prime minister said. “We will be keeping an eye on Hyosung’s current investment and future businesses and actively support them.”

Hyosung recorded $3.7 billion in revenue in Vietnam in 2023.

BY CHO YONG-JUN [cho.yongjun1@joongang.co.kr]