PM applauds Hyosung’s plan to invest another US$4 billion in Vietnam

Talking to Cho, who has visited Vietnam twice in just three months, the host spoke highly of the group’s trust, efforts, and determination while operating in the country. He called on it to keep building on its business results gained so far and expand investments to achieve higher targets in the coming time.

He acknowledged Hyosung’s fruitful investment and business performance as well as social activities in the country, stating that Vietnam will continue accompanying and providing optimal conditions for the firm’s projects to operate healthily, sustainably, and profitably.

Vietnam is pushing ahead with improving the investment climate, reforming administrative procedures, cutting compliance cost, boosting power decentralisation, and developing strategic infrastructure so as to reduce expenses and promote competitiveness for goods and enterprises, the PM noted.

For his part, Cho said Hyosung, a large enterprise of the Republic of Korea (RoK) working in the fields of industrial materials, information technology, industrial electricity, construction, chemicals, and trade, is the third largest direct investor from the RoK in Vietnam. It has invested about US$4 billion and created some 10,000 jobs in the country so far.

He perceived that Vietnam’s investment climate is trustworthy, saying he believes the country will become a manufacturing hub of Asia.

Hyosung is realising its commitment to placing its future in the next 100 years in Vietnam, and positioning itself as not only a Korean company but also a Vietnamese one, he remarked.

It plans to invest another US$4 billion and create about 10,000 new jobs to contribute more to the local economy and further carry out social responsibility, the chairman noted, adding in the short term, it will continue expanding investments in data centre, high-tech industrial materials, aviation biofuel, and carbon fibre manufacturing.

As Hyosung is inviting the UAE’s Abu Dhabi National Oil Company (ADNOC) to act as a partner in its projects in Vietnam, Cho expressed his hope for Vietnam’s support so that the two enterprises can efficiently carry out investment projects and become a new business cooperation model among Vietnam, the RoK, and the UAE.

Hyosung will also help attract investment from the Middle East to the Southeast Asian nation, he continued.

Welcoming the group’s investment expansion intentions, PM Chinh asked Hyosung to pay attention to environmental protection, enhance connectivity with local companies, and ensure welfare for workers.

He said Vietnam encourages investment in the manufacturing of new materials using high technology, and that it supports the cooperation plan between Hyosung and the ADNOC.

The Government leader called on the Korean enterprise to bring into play its investment and business experience in Vietnam while making use of the ADNOC’s strong resources, large partner network, and modern technology to develop projects applying high, green, and clean technologies.

He also suggested it help boost supporting industries, innovation, and technology transfer in the country, and assist local companies in improving their production capacity and competitiveness to engage in global supply chains.