Hyosung Group, a South Korean industrial conglomerate, has revealed its commitment to inject an additional $2 billion into Vietnam in 2024.
During an event discussing investment opportunities in the Vietnamese market, Cho Hyun-sang, vice chairman of Hyosung Group, announced the investment. The event, held on January 17 on the sidelines of the 54th Annual Meeting of the World Economic Forum (WEF) in Davos, Switzerland, was chaired by Prime Minister Pham Minh Chinh.
Cho Hyun-sang highlighted the growing interest of South Korean groups in expanding their presence in Vietnam. With an annual revenue of $25 billion, Hyosung Group has already invested $3.5 billion in Vietnam, providing employment for 9,000 Vietnamese workers.
Stressing the rationale and effectiveness of their investments in Vietnam, Cho Hyun-sang revealed Hyosung’s plans to increase its investment capital in the country to $5.5 billion by 2024.
He underscored Vietnam’s strengths, including the strong and effective leadership of the central government, active support from local authorities, and the dedicated work ethic of the Vietnamese people.
Established in 1962, Hyosung is a leading South Korean corporation in the manufacturing of electrical transformers. The company has established a significant presence in key manufacturing hubs across Vietnam, such as Hanoi, Ho Chi Minh City, Dong Nai, and Ba Ria – Vung Tau.
Of the $3.2 billion invested in Vietnam, Hyosung allocated:
$1.9 billion in Dong Nai, $1.4 billion in Ba Ria-Vung Tau, $200 million in Quang Nam, and $100 million in Bac Ninh.
In the previous year, the group reported a net revenue of $20.1 million.
Chairman Cho Hyun Joo, in June 2023, emphasized Vietnam’s strategic importance to Hyosung. The group aims not only to expand its operations but also to transform Vietnam into a sustainable investment destination.
Joo expressed the group’s long-term commitment, stating, “We look forward to shaping the company’s future for the next 100 years in Vietnam. We aim to foster the development of large high-tech projects and expand into the field of information technology, with plans to recruit an additional 10,000 workers in Vietnam.”
