Hyosung Group of the Republic of Korea plans to invest additional $4 billion in Vietnam, bringing its total investment capital in the country to $8 billion, according to the group’s Chairman Cho Hyun-joon, the Government News has reported.

He revealed the plan at a meeting with Prime Minister Pham Minh Chinh in Hanoi on October 14, noting that the group will continue expanding investments in data center, high-tech industrial materials, aviation biofuel, and carbon fibre manufacturing.

This is the second visit to Vietnam by Mr. Cho in just three months to accelerate major projects in Vietnam.

Hyosung is a major Korean firm operating in the fields of industrial materials, information technology, industrial electricity, construction, chemicals, and trade. The group is the third largest direct investor from the RoK in Vietnam. It has invested about $4 billion and created some 10,000 jobs in the country so far.

Mr. Cho affirmed that the investment environment in Vietnam is trustworthy and Vietnam is believed to become a manufacturing hub of Asia.
PM Chinh welcomed the group’s investment expansion plans and stressed 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 decentralization, and developing strategic infrastructure so as to reduce expenses and promote competitiveness for goods and enterprises, according to the PM.

Source: VnEconomy