Hyosung Group Chairman: We place the next 100 years in Vietnam

Mr. Cho Hyun Joon, Chairman of Hyosung - Korea's leading corporation in the production of electric transformers, said he not only wants to expand his scale but also wants Vietnam to be the foundation for sustainable development.

On the afternoon of June 23, Prime Minister Pham Minh Chinh met with leaders of major Korean associations and enterprises. These are members of the largest-ever delegation of 205 enterprises accompanying South Korean President Yoon Suk-yeol on his visit to Vietnam. At the discussion, the chairmen of many major Korean corporations expressed their views that Vietnam is a leading production base.

Sharing with Prime Minister Pham Minh Chinh, Chairman of Hyosung Group Cho Hyun Joon said that he considers Vietnam a strategic market. Hyosung, founded in 1962, is the leading Korean corporation in the production of electric transformers exported to 70 countries around the world. In Vietnam, they have invested 3.5 billion USD, present in major cities such as Hanoi, Ho Chi Minh City, Dong Nai, Ba Ria - Vung Tau with more than 9,000 employees. Last year, the corporation recorded a net profit of about 20.1 million USD.

"With many promotional activities, we not only expand our scale but also want this place to become a sustainable investment destination for the group to develop," said Mr. Cho Hyun Joon.

Chairman Hyosung at the discussion on the afternoon of June 23. Photo: Giang Huy — Hyosung Group Chairman Cho Hyun Joon at the discussion on the afternoon of June 23. Photo: *Giang Huy*

According to him, the group is looking to promote the development of large projects with high technology content, expanding into the information technology sector. In the near future, Hyosung plans to recruit 10,000 more workers. The company hopes that the Vietnamese government will continue to create favorable conditions for the business environment, especially in the licensing and administrative procedures. "We hope to place our future in Vietnam for the next 100 years," he said.

Speaking at the seminar, LG Chairman Koo Kwang Mo also affirmed that the group has chosen Vietnam as its large-scale production base and stronghold. According to him, since investing in Vietnam in 1995, the company has invested in many fields. The two sides have many cooperations that promote their values and advantages. The Vietnamese government also supports with policies to promote key industries. Late last year, LG revealed that it would invest an additional 5 billion USD in Vietnam.

SK Chairman Chey Tae-won said Vietnam is a market with promising growth potential. SK is continuing to promote expansion in the S-shaped country, for example aiming to invest 1.3 billion USD in renewable energy.

Not only large corporations, but also small and medium-sized Korean enterprises want to increase investment in this market of more than 100 million people. A representative of the Federation of Korean Industries (FKI) said that Vietnam is a strategic partner and wants to promote cooperation in areas such as high technology and semiconductors.

Chairman of the Korea International Trade Association (KITA) Cha Yol Koo suggested that the two countries could cooperate to exploit important mineral resources such as rare earth in the near future. In addition, the Korean business community in Vietnam also hopes that the Government will make adjustments to taxes, regulations, and policies to operate stably in Vietnam.

In response to these comments, Prime Minister Pham Minh Chinh said that 30 years ago, no one could have imagined that Vietnam and South Korea would have the relationship they have today. In the field of trade, more than 9,000 South Korean enterprises have come to Vietnam with a total investment capital of up to 82 billion USD.

Therefore, the Prime Minister believes that in the future, trade cooperation between the two countries will make more progress. The head of the Vietnamese Government expressed his hope that Korean businesses will continue to develop investment strategies in Vietnam.

"I hope Korean businesses will continue to make breakthroughs and together achieve results 3-4 times higher in the coming years," the Prime Minister said, suggesting that Korea consider investing more in the cultural and entertainment industry.

Besides the profit factor, he said, businesses also need to be responsible to Vietnam in other aspects, harmonizing the interests of all parties. Regarding the proposals and concerns of businesses, the Prime Minister pledged that Vietnam will find solutions appropriate to the situation.

Prime Minister Pham Minh Chinh speaks at the Vietnam - Korea Business Forum on the afternoon of June 23. Photo: Giang Huy — Prime Minister Pham Minh Chinh speaks at the Vietnam - Korea Business Forum on the afternoon of June 23. Photo: *Giang Huy*

At the Economic Forum between the two countries held on the same day, South Korean President Yoon Suk-yeol said that the goal by 2030 is for trade between the two countries to reach 150 billion USD in many fields. He hopes that through this forum, the trade cooperation between the two countries will reach new heights.

"Vietnam is an important partner. Korea will help Vietnam develop information technology and high technology," he said, affirming that businesses from both sides will find many projects to cooperate on together.

This afternoon, 106 memorandums of understanding (MOUs) in many fields were signed between the two countries.

Phuong Anh

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