Hyosung committed to investing additional $4 billion into Vietnam.
The statement was made by Cho Hyun-joon, chairman of Hyosung Group, at a meeting with Prime Minister Pham Minh Chinh in Hanoi on October 14.
Chairman Cho Hyun-joon said that Hyosung was the third-largest direct investor from South Korea in Vietnam. The group has so far invested about $4 billion and generated some 10,000 jobs in the country. He believes Vietnam will become a manufacturing hub in Asia and that the country’s business climate is reliable.
With a plan to pour another $4 billion into Vietnam, the group will generate about 10,000 new jobs, thereby making more contribution to domestic economic development and further implementing its corporate social responsibility.
In the short term, Hyosung will continue expanding investments in data centres, high-tech industrial materials, aviation biofuel, and carbon fibre manufacturing.
In addition, Hyosung is inviting the United Arab Emirates’ Abu Dhabi National Oil Company (ADNOC) to become its partner to jointly invest in its projects in Vietnam.
Chairman Cho Hyun-joon hopes to receive Vietnam’s support so that Hyosung and ADNOC can make efficient ventures and set a new cooperation model between Vietnam, South Korea, and the UAE. Hyosung will play a role in encouraging investment attraction from the Middle East to Vietnam.
Source: VIR
