Hyosung Envisions Century of Development in Vietnam
Hyosung, South Korea’s leading power transformer producer, plans to expand its long-term operations in Vietnam, as it envisions 100 years of successful sustainable development in the country. The company’s chairman, Cho Hyun Joo, considers Vietnam a strategic market and has invested $3.5 billion in the country’s major manufacturing hubs, with more than 9,000 employees.
During a meeting with Prime Minister Pham Minh Chinh, Joo expressed his corporation’s desire to promote the development of large high-tech projects while expanding into the field of information technology. Hyosung plans to recruit 10,000 more workers in Vietnam and hopes that the Vietnamese government will continue to improve the country’s business environment, especially with the relaxation of administrative procedures. Many other South Korean businesses are also committed to expanding their operations in Vietnam, including LG, SK Group, and the Federation of Korean Industry. The Korean business community in Vietnam has urged the government to adjust taxes, regulations, and policies to stabilize the business environment.
Prime Minister Chinh believes in the future progress of trade cooperation between the two countries and hopes that South Korean businesses will consider investing more in the cultural and entertainment industries. He pledged that Vietnam would thoughtfully consider the business proposals and concerns of South Korean businesses to come up with suitable solutions to any issues they may have in the country. South Korean President Yoon Suk-yeol hopes that trade and cooperation between the two countries will reach new heights and that South Korea will help Vietnam develop information technology and high technology.