Hyosung chairman pledges greater investments in Vietnam

Hyosung Group Chairman Cho Hyun-joon, left, shakes hands with Vietnamese Prime Minister Pham Minh Chinh in Hanoi, Vietnam, Monday. Courtesy of Hyosung

Hyosung Group Chairman Cho Hyun-joon has committed to expanding investments in Vietnam to strengthen the Korean conglomerate’s future operations in the Southeast Asian nation, the company said Tuesday, the day after the chairman met with Vietnamese Prime Minister Pham Minh Chinh in Hanoi.

This meeting follows a previous discussion held in Seoul in July, during the prime minister's official visit to Korea.

The company plans to enhance its investments in key future sectors, including bio-based butanediol (bio-BDO), sustainable aviation fuel and data centers. The plan extends Hyosung’s exports to Vietnam, which have been valued in the billions of dollars each year since the beginning in 2007.

During the meeting, Cho said that since its first export to Vietnam in 2007, Hyosung has grown to average $3.7 billion in annual sales in the country. The chairman also said he concurred with the Vietnamese prime minister's remarks in July that emphasized the need for enhanced bilateral cooperation over the next 30 years in areas such as expanding supply chains, addressing the climate crisis and transitioning to a digital economy.

“We would like to see our company’s next 100 years unfold in Vietnam. We’ll make greater investments than before into Vietnam and contribute to Vietnam’s economic development,” Cho said.

The prime minister expressed his appreciation for Hyosung’s investment efforts in both business and corporate social responsibility in Vietnam. He also expressed his commitment to supporting the Korean company in its future plans.

Hyosung’s key investments in Vietnam include spandex, heavy electrical equipment, chemical products and information technology. Including the company’s future sectors, its accumulative investments in Vietnam reach $4 billion.