HANOI: Hyosung Group, a major South Korean conglomerate, has announced plans to invest over $4 billion more in Vietnam, aiming to deepen its market presence in Southeast Asia. This announcement came during a meeting between Hyosung Chairman Cho Hyun-joon and Vietnamese Prime Minister Pham Minh Chinh in Hanoi. According to Yonhap News Agency, the discussions between Chairman Cho and Prime Minister Chinh on Monday focused on strengthening the partnership between Hyosung and Vietnam. This meeting was a continuation of previous talks held in Seoul in July, during the Vietnamese prime minister's official visit to South Korea. During the conversation, Chairman Cho reiterated Hyosung's dedication to Vietnam's economic growth and highlighted the company's strategy to broaden its investment across various sectors within the country. Since its entry into the Vietnamese market in 2007, Hyosung has already invested $4 billion, mainly in spandex, chemicals, and information technology sectors, and has been exploring new opportunities in eco-friendly high-tech materials. This significant investment has resulted in Hyosung achieving annual sales of $3.5 billion in Vietnam. In response, Prime Minister Chinh lauded Hyosung for its ongoing contributions and assured the Vietnamese government's support for the company's future business endeavors in the country.
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