South Korean industrial giant Hyosung Corp. is deepening its ties with Vietnam, committing to additional investments beyond its current $4 billion stake. Chairman Cho Hyun-joon met with Vietnamese Prime Minister Pham Minh Chinh in Hanoi on October 14 to discuss future collaborations and investment plans.
Since entering the Vietnamese market in 2007, Hyosung has established a significant presence in sectors including spandex, heavy electrical equipment, and chemical products. The company’s Vietnamese operations now generate annual sales of $3.7 billion.
Hyosung is setting its sights on eco-friendly ventures, including bio-BDO (butanediol) production and sustainable aviation fuel. The conglomerate is also exploring opportunities in data centers, aligning with Vietnam’s digital economy ambitions.
Prime Minister Chinh expressed support for Hyosung’s ongoing investments, acknowledging the company’s contributions to Vietnam’s economic growth. The partnership reflects Vietnam’s appeal as a destination for foreign direct investment, particularly in manufacturing and green technology sectors.
As global supply chains evolve, Hyosung’s expanded presence in Vietnam could strengthen economic ties between South Korea and Vietnam, potentially reshaping regional industrial dynamics.
