Hyosung Group seeks opportunities to expand investment.

Shortly after receiving an investment certificate for a $730 million project in Ba Ria - Vung Tau, Hyosung Group (South Korea) is considering expanding its investment in Ho Chi Minh City and targeting a data center project in the Ho Chi Minh City High-Tech Park.

Hyosung's factory in Dong Nai . Photo : Hyosung

Expanding investment in the southern provinces.

Immediately after receiving the investment license for the $730 million 1,4-Butanediol bio-production plant project in Phu My 2 Industrial Park (Ba Ria - Vung Tau), Hyosung Group continued to seek investment opportunities in the information technology sector. One of the projects the Group is targeting is the Data Center Project at Lot T4-3, Ho Chi Minh City High-Tech Park.

This move accurately reflects what Mr. Lee Sang Woon, Vice Chairman of Hyosung Group, said at the investment certificate awarding ceremony in Ba Ria - Vung Tau province at the end of March 2024. At that time, the Group's leader stated that Hyosung wanted to establish a future 100 years in Vietnam by further expanding investment in the southern provinces.

To concretize its goal, in early May 2024, Hyosung Group sent a document to the Ho Chi Minh City People's Committee proposing investment in a data center project in the Ho Chi Minh City High-Tech Park. In the document, the Group stated that, in addition to projects currently being invested in Dong Nai and Ba Ria - Vung Tau, the company is accelerating the development of large-scale projects with high technological content, expanding into the information technology sector such as data centers.

Hyosung stated that they are researching plans to invest in a data center in Vietnam with an expected scale of 1,500-4,000 racks, meeting stringent international Tier-3 standards to serve the needs of ultra-large clients. After conducting research, Hyosung is interested in the 3-hectare data center project currently being offered for investment by the Ho Chi Minh City High-Tech Park and would like guidance on the investment process for this project.

In early June 2024, Hyosung continued to send Document No. HSG/202406-01 requesting a meeting with the Chairman of the People's Committee of Ho Chi Minh City, Phan Van Mai, to discuss investment opportunities in Ho Chi Minh City. In this document, the Group expressed its desire to invest in a data center project in the Ho Chi Minh City High-Tech Park and was seeking partners to jointly develop this project, primarily to serve large-scale clients (hyperscalers).

Before submitting the investment proposal for the Data Center Project to the Ho Chi Minh City People's Committee, on May 15, 2024, the Management Board of the Ho Chi Minh City High-Tech Park held a meeting with Hyosung Group.

A noteworthy piece of information from the Ho Chi Minh City High-Tech Park Management Board is that, to date, the Data Center Project has attracted interest from five domestic and foreign investors. Based on the regulations of the 2020 Investment Law and Government Decree No. 31/2021/ND-CP dated March 26, 2021, in cases where two or more investors submit valid applications to undertake a project at the same location, the investor selection procedure will be conducted through a bidding process.

Continue to seek new opportunities for collaboration.

Besides expressing interest in investing in a data center project in Ho Chi Minh City, sources told Investment Newspaper that Hyosung is also interested in participating in land auctions in the Thu Thiem area or District 1 to build its headquarters, research and development center, and explore opportunities for cooperation in fields such as fintech and information technology infrastructure.

Since entering the Vietnamese market in 2007, Hyosung has continuously expanded its investment portfolio. As of the end of Q1/2024, Hyosung's investment capital in Vietnam reached US$4 billion, focusing on projects in Dong Nai, Ba Ria - Vung Tau, Quang Nam, and Bac Ninh provinces.

Hyosung is currently building an advanced carbon fiber factory in Ba Ria - Vung Tau province, with a total investment of $560 million. At the end of March 2024, the group also received an investment license for a $730 million bio-1,4-Butanediol production plant in Phu My 2 Industrial Park, Ba Ria - Vung Tau province.

In Ho Chi Minh City, Hyosung's investments are quite modest, consisting only of the Hyosung Global Logistics Vina Project, with an investment of USD 760,000, and an investment in Hyosung Vina Construction Co., Ltd., with an investment of USD 600,000.

Mr. Lee Sang Woon, Vice President of Hyosung Group, stated that the Group operates globally, not only in Asia, but also in the United States, Europe, South America, and Africa. Vietnam is the most important link in the Group's global network. "We hope to receive support to continue successfully implementing more investment projects in the future, contributing to economic development and creating more new job opportunities in Vietnam," Mr. Lee Sang Woon emphasized.

Ho Chi Minh City High-Tech Park is developing a list of projects to attract investment in the 2024-2025 period.

During a meeting with Hyosung Group, the Ho Chi Minh City High-Tech Park Management Board stated that it is currently developing a list of projects to attract investment into the Ho Chi Minh City High-Tech Park for the period 2024-2025. This list will be submitted to the Ministry of Science and Technology for comments before being presented to the Ho Chi Minh City People's Committee for promulgation as per regulations.

After the above list is issued, the Management Board will widely disseminate the information so that investors can register investment project proposals in accordance with the Investment Law. Following the meeting, the Management Board of Ho Chi Minh City High-Tech Park provided the forms and list of investment registration documents to businesses for review and preparation of dossiers as required.

Source: https://baodautu.vn/tap-doan-hyosung-tim-co-hoi-mo-rong-dau-tu-d219122.html