Hyosung Group seeks investment expansion opportunities

Not long after being granted an investment certificate for a 730 million USD project in Ba Ria - Vung Tau, Hyosung Group (Korea) continued to consider expanding its investment in Ho Chi Minh City and aimed at the Data Center Project in Ho Chi Minh City High-Tech Park.

Hyosung's factory in Dong Nai. Photo : Hyosung

Expanding investment in the southern provinces

Immediately after receiving the investment license for the 730 million USD 1,4-Butanediol Bio-Production Plant Project in Phu My 2 Industrial Park (Ba Ria - Vung Tau), Hyosung Group continues to seek investment opportunities in the information technology sector. One of the projects that the Group is aiming for is the Data Center Project at Lot T4-3, Ho Chi Minh City High-Tech Park.

The above move reflects what Mr. Lee Sang Woon, Vice President of Hyosung Group, said at the ceremony to grant the investment certificate to Ba Ria - Vung Tau province at the end of March 2024. At that time, the Group's leader said that Hyosung wanted to place the future in Vietnam for the next 100 years by increasing investment and expanding further in the southern provinces.

To concretize the goal, in early May 2024, Hyosung Group sent a document to the Ho Chi Minh City People's Committee proposing to invest in the Data Center Project at the Ho Chi Minh City High-Tech Park. In the document, the Group said that, in addition to the projects being invested in Dong Nai and Ba Ria - Vung Tau, the enterprise is promoting the development of large projects with high technology content, expanding into the information technology field such as data centers.

Hyosung said that it is studying a plan to invest in Data Center services in Vietnam with an expected scale of 1,500 - 4,000 racks meeting strict Tier-3 international standards, serving the needs of super-large customers. After researching, Hyosung is interested in the 3-hectare Data Center Project that is being called for investment by Ho Chi Minh City High-Tech Park and wishes to be guided on the investment process for this project.

In early June 2024, Hyosung continued to have Document No. HSG/202406-01 requesting a meeting with Chairman of Ho Chi Minh City People's Committee Phan Van Mai to discuss investment opportunities in Ho Chi Minh City. In particular, the Group expressed its desire to invest in a Data Center Project at Ho Chi Minh City High-Tech Park and is looking for partners to co-develop this project to mainly serve large-scale customers (hyperscalers).

Before submitting the investment proposal for the Data Center Project to the Ho Chi Minh City People's Committee, on May 15, 2024, the Ho Chi Minh City High-Tech Park Management Board had a working session with Hyosung Group.

A noteworthy information announced by the Management Board of Ho Chi Minh City High-Tech Park is that, up to now, the Data Center Project has received the attention of 5 domestic and foreign investors. Pursuant to the provisions of the Investment Law 2020 and Decree No. 31/2021/ND-CP dated March 26, 2021 of the Government, in the case of 2 or more investors submitting valid dossiers requesting to implement the project at the same location, the procedure for selecting investors will be carried out in the form of bidding.

Continue to seek new cooperation opportunities

In addition to the desire to invest in the Data Center Project in Ho Chi Minh City, a source from Dau Tu Newspaper said that Hyosung is interested in the opportunity to participate in land auctions in Thu Thiem area or District 1 to build headquarters, research and development center and seek cooperation opportunities in areas such as fintech and information technology infrastructure.

Since entering the Vietnamese market in 2007, Hyosung has continuously expanded its investment portfolio. By the end of the first quarter of 2024, Hyosung's investment capital in Vietnam reached 4 billion USD, focusing on projects in Dong Nai, Ba Ria - Vung Tau, Quang Nam and Bac Ninh provinces.

Hyosung is currently building an advanced carbon fiber factory in Ba Ria – Vung Tau province, with a total investment of 560 million USD. At the end of March 2024, the group continued to receive an investment license for a 1,4-Butanediol bio-production factory worth 730 million USD in Phu My 2 Industrial Park, Ba Ria – Vung Tau province.

In Ho Chi Minh City, Hyosung's investment is quite modest, with only the Hyosung Global Logistics Vina Project, with an investment capital of 760,000 USD, and investment in Hyosung Vina Construction Company Limited, with an investment capital of 600,000 USD.

Mr. Lee Sang Woon, Vice President of Hyosung Group, said that the Group is operating globally, not only in Asia, but also in the United States, Europe, South America and Africa. In particular, Vietnam is the most important link in the Group's global network. "We look forward to receiving support to continue to successfully implement more investment projects in the future, contributing to economic development and creating new job opportunities in Vietnam," Mr. Lee Sang Woon emphasized.

Ho Chi Minh City High-Tech Park builds list of projects to attract investment in the period 2024 - 2025

At the meeting with Hyosung Group, the Management Board of Ho Chi Minh City High-Tech Park said that this unit is in the process of building a list of projects to attract investment in Ho Chi Minh City High-Tech Park for the period 2024 - 2025. This list will be sent to the Ministry of Science and Technology for comments before submitting to the Ho Chi Minh City People's Committee for promulgation according to regulations.

After the above list is issued, the Management Board will widely inform investors to register investment project proposals according to the provisions of the Investment Law. After the working session, the Management Board of Ho Chi Minh City High-Tech Park provided forms and a list of investment registration documents for enterprises to study and prepare documents according to regulations.

Source: https://baodautu.vn/tap-doan-hyosung-tim-co-hoi-mo-rong-dau-tu-d219122.html