Korean Group to Invest Another $4 Billion, Committing to 100-Year Future in Vietnam

Chairman Hyosung affirmed that Vietnam's investment environment is very reliable and believes that Vietnam will become the manufacturing center of Asia.

Prime Minister Pham Minh Chinh received Mr. Cho Hyun-joon, Chairman of Hyosung Group - Photo: DOAN BAC

On the afternoon of October 14, Prime Minister Pham Minh Chinh received Mr. Cho Hyun-joon, Chairman of Hyosung Group (Korea), who is visiting and working in Vietnam. This is the second time in the past 3 months that the Prime Minister has met with the Chairman of Hyosung Group to further promote major investment projects in Vietnam.

Vietnam's investment environment is trustworthy

Appreciating the trust, efforts and determination of Hyosung Group in the process of implementing operations in Vietnam, the Prime Minister acknowledged the group's effective investment and business activities, especially in the fields of industry, construction, trade, information technology as well as social responsibility activities. On the basis of the very good relationship between the two countries, the Prime Minister hopes that Hyosung Group will continue to promote its business results and expand its investment towards new, higher goals in the coming time. The Prime Minister affirmed that Vietnam will continue to accompany and create favorable conditions for the group's projects to invest effectively and develop healthily, sustainably and profitably in Vietnam with the viewpoint of "harmonious benefits and shared risks". Vietnam is continuing to improve the investment environment, reform administrative procedures, reduce compliance costs, decentralize, and promote investment in strategic infrastructure development in the direction of open institutions, smooth infrastructure, and smart governance to reduce costs and increase competitiveness for products and businesses. Chairman Cho Hyun-joon said Hyosung is the third largest FDI partner of Korea in Vietnam. The group has invested about 4 billion USD, creating about 10,000 jobs. Including a biotechnology factory and a carbon fiber factory with a total investment of 2 projects of 1.3 billion USD in Ba Ria - Vung Tau province, expected to start construction early next year. Chairman Hyosung affirmed that Vietnam's investment environment is very trustworthy and believes that Vietnam will become the manufacturing center of Asia. Hyosung is making a commitment to invest the next 100 years in Vietnam, positioning itself not only as a Korean company but also as a Vietnamese company. Hyosung plans to invest an additional 4 billion USD, create about 10,000 new jobs, contribute more to Vietnam's economic development and fulfill its social responsibility. In the near future, Hyosung plans to continue expanding investment in projects in the fields of data centers, manufacturing of high-tech industrial materials, sustainable biofuel plants and carbon fiber production.

Encourage corporations to invest in high-tech fields

Hyosung Chairman informed that the group is currently working with the Abu Dhabi National Oil Corporation (ADNOC) of the United Arab Emirates (UAE) to invite them to be partners to invest in projects in Vietnam. Therefore, Mr. Cho Hyun-joon hopes to receive support from Vietnam so that Hyosung and ADNOC can effectively implement investment projects. This will become a new business cooperation model between Vietnam, Korea, UAE and Hyosung will play a connecting role in attracting investment from the Middle East to Vietnam. Prime Minister Pham Minh Chinh welcomed the Group's investment expansion plans, asking Hyosung to always pay attention to environmental protection, promote links with domestic enterprises, and ensure social security for workers. The head of the Government said that Vietnam encourages investors in the field of manufacturing new materials using high technology. Therefore, he welcomed and supported the cooperation plan between Hyosung and ADNOC Group to implement investment projects in Vietnam. At the same time, he hoped that Hyosung would promote its successful business investment experience in Vietnam. From there, it would combine the strong resources, large network of partners and modern technology of ADNOC as well as major investors in the Middle East. On that basis, investors would develop projects using high, green and clean technology, as well as support the development of supporting industries, innovation and creativity associated with technology transfer. Promote support for Vietnamese enterprises to improve production capacity, enhance competitiveness to participate in the global supply chain.

Tuoitre.vn

Source: https://tuoitre.vn/tap-doan-han-quoc-sap-dau-tu-them-4-ti-usd-dat-tuong-lai-100-nam-o-viet-nam-20241014214806854.htm