Hyosung Vietnam Announces $1 Billion Investment for New Carbon Fiber Plant
Hyosung Vietnam, a prominent player in the industrial sector, is preparing to invest nearly $1 billion in a carbon fiber plant project. The announcement came after a recent meeting between Nguyen Van Tho, Chairman of Ba Ria-Vung Tau People’s Committee, and a high-level delegation from Hyosung Vietnam Co., Ltd., along with representatives from Hyosung Vina Chemicals Co., Ltd. The discussions primarily focused on the implementation of significant projects in the province.
With the aim of strengthening its presence in Vietnam, Hyosung Vietnam unveiled an ambitious plan to establish a carbon fiber manufacturing facility in Phu My 2 Industrial Zone, located in Phu My town. The entire project is estimated to require a capital investment of nearly $1 billion, with an initial phase investment of approximately $160 million.
To move forward with this substantial project, Hyosung Vietnam sought guidance from provincial authorities regarding the necessary documentation and procedural requirements for investment approval. The company also sought clarification on specific aspects related to project execution.
The province warmly welcomed Hyosung Corporation’s interest in choosing Ba Ria-Vung Tau as a strategic investment destination. The committee chairman commended Hyosung Vietnam’s previous successful completion of the polypropylene manufacturing plant and the liquefied petroleum gas underground storage facility projects in Cai Mep Industrial Zone, which were delivered on time.
In line with its commitment to sustainable development, Ba Ria-Vung Tau expressed its support in facilitating the timely implementation of the carbon fiber plant project. The province pledged close coordination with relevant authorities to ensure a smooth and efficient procedural process for the company.
Hyosung Vietnam Co. has already made substantial investments in Vietnam, totaling approximately $3.5 billion across various regions. Dong Nai, Ba Ria-Vung Tau, Quang Nam, and Bac Ninh provinces have all benefited from the company’s significant capital injections.
During the Vietnam-Korea Business Forum in June, Cho Hyun Joon, Chairman of Hyosung Corporation, highlighted the strategic importance of Vietnam. He expressed the group’s commitment to expanding operations and fostering sustainable development in the country, particularly in high-tech sectors. The group envisions a significant increase in its workforce, with plans to recruit an additional 10,000 employees in Vietnam.
Joon emphasized the special nature of Korea’s investment collaboration with Vietnam, a partnership that remains unparalleled in many respects. He firmly believed in the complementary growth trajectories of both nations, anticipating Vietnam’s progress to be closely linked to Korea’s own development. The group expressed its heartfelt aspiration to contribute to Vietnam’s advancement and build a lasting legacy spanning a century.