On the afternoon of October 14, Prime Minister Pham Minh Chinh received Mr. Cho Hyun-joon, Chairman of Hyosung Group (Korea), who is visiting and working in Vietnam. This is the second time in the past 3 months that the Prime Minister has met with the Chairman of Hyosung Group to further promote major investment projects in Vietnam.
Hyosung is a large Korean corporation, operating in the fields of industrial materials, information technology, industrial electrical systems, construction, chemicals, trade..., with revenue in 2023 reaching 16 billion USD.
At the meeting, Prime Minister Pham Minh Chinh highly appreciated the trust, efforts and determination of Hyosung Group in the process of implementing operations in Vietnam; acknowledged the Group's effective investment and business activities in the fields of industry, construction, trade, information technology, etc., as well as social responsibility activities.
On the basis of the very good relationship between the two countries, the Prime Minister hopes that Hyosung Group will continue to promote its business results and expand its investment towards new, higher goals in the coming time.
The Prime Minister affirmed that Vietnam will continue to accompany and create favorable conditions for the Group's projects to invest effectively and develop healthily, sustainably and profitably in Vietnam with the viewpoint of "harmonious benefits and shared risks". Vietnam is continuing to promote the improvement of the investment environment, reform of administrative procedures, reduce compliance costs, decentralize and delegate power, promote investment in developing strategic infrastructure in the direction of open institutions, smooth infrastructure, and smart governance to reduce costs and increase competitiveness for products and businesses.
According to Chairman Cho Hyun-joon, Hyosung is the third largest FDI partner of Korea in Vietnam, with a total investment capital of about 4 billion USD, creating about 10,000 jobs. Of which, the Group is investing in a biotechnology factory and a carbon fiber factory with a total investment capital of 2 projects of 1.3 billion USD in Ba Ria - Vung Tau province, expected to start construction early next year.
Chairman Hyosung affirmed that Vietnam's investment environment is very reliable and believes that Vietnam will become the manufacturing center of Asia. Hyosung is making a commitment to put the next 100 years in Vietnam, positioning itself not only as a Korean company but also as a Vietnamese company. Hyosung plans to invest an additional 4 billion USD, create about 10,000 new jobs, contribute more to Vietnam's economic development and fulfill its social responsibility.
In the immediate future, Hyosung plans to continue expanding investment in projects in the fields of: Data centers, manufacturing of high-tech industrial materials, sustainable biofuel plants and carbon fiber production.
Hyosung is currently working with the Abu Dhabi National Oil Corporation (ADNOC) of the United Arab Emirates (UAE) to invite them to be partners in investing in projects in Vietnam. Chairman Cho Hyun-joon hopes to receive support from Vietnam so that Hyosung and ADNOC can effectively implement investment projects, becoming a new business cooperation model between Vietnam, Korea, UAE and Hyosung will play a connecting role in attracting investment from the Middle East to Vietnam.
Prime Minister Pham Minh Chinh welcomed the Group's investment expansion plans and asked Hyosung to always pay attention to environmental protection, promote cooperation with domestic enterprises, and ensure social security for workers.
Informing that Vietnam encourages investors in the field of manufacturing new materials using high technology, Prime Minister Pham Minh Chinh welcomed and supported the cooperation plan between Hyosung and ADNOC Group to implement investment projects in Vietnam; hoping that Hyosung would promote its successful business investment experience in Vietnam along with strong resources, a large network of partners and modern technology of ADNOC as well as major investors in the Middle East to develop projects using high, green and clean technology, while supporting the development of supporting industries, innovation associated with technology transfer and supporting Vietnamese enterprises to improve production capacity, enhance competitiveness to participate in the global supply chain.
Regarding the group's proposals and recommendations in implementing projects, the Prime Minister affirmed that he will assign ministries and branches to handle them according to their authority.
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