29, 77, 119.

While seemingly unrelated, these numbers represent HYOSUNG’s global expansion status. HYOSUNG operates in 119 locations across 77 cities in 29 countries, spanning a wide range of industries including textiles, industrial materials, heavy industry, chemicals, information technology, and trade. Through a robust network established worldwide, HYOSUNG has earned recognition as a partner with superior quality and technology. Here’s a closer look at HYOSUNG’s global business strategy that has made this possible.

Vietnam | A Stage for 100-Year HYOSUNG’s Growth and Future

Vietnam serves as both a launchpad for HYOSUNG’s exports and a second global outpost. Chairman Hyun-Joon Cho has expressed a strong commitment to Vietnam, describing it as "a stage that opens the future for 100-Year HYOSUNG."

HYOSUNG marked its significant entry into Vietnam by establishing a corporation in the Nhơn Trạch industrial complex in Đồng Nai Province in 2007. Since then, the company has made notable investments and expansions, including the establishment of the Đồng Nai corporation in 2015, the construction of a polypropylene plant in the southern Cai Mep industrial complex in 2018 with an investment of approximately KRW 1.6 trillion, and the setup of tire reinforcement and automotive airbag production facilities in the central Tam Thăng industrial complex in 2020. In 2022, HYOSUNG opened an ATM manufacturing plant in the northern Yên Phong industrial complex and established an industrial motor production facility in the Nhơn Trạch industrial complex. With a total of six production facilities now in Vietnam, HYOSUNG continues to expand its presence and drive growth in the region.

Through this, HYOSUNG is producing its flagship products in Vietnam, including spandex, tire cords, automotive seat belts, and yarn for airbags. Thanks to strategic investments, HYOSUNG has become the third-largest investor among domestic companies in Vietnam by investment volume, establishing a production base with top-tier manufacturing capabilities.

HYOSUNG is also venturing into future-focused businesses. A key development is the construction of a new bio-BDO (butanediol) production plant in Bà Rịa–Vũng Tàu Province. Bio-BDO is a sustainable material used in spandex, biodegradable plastics, and automotive interior materials. Hyosung TNC is investing a total of KRW 1 trillion to build a facility that will produce 200,000 tons of bio-BDO annually by 2040, with plans to begin producing and selling 50,000 tons per year by the first half of 2026.

Vietnam is emerging as one of the world’s top 10 rising data center markets due to its focus on digital transformation and attracting foreign companies. Anticipating the growing demand, HYOSUNG is considering investing around KRW 400 billion to build a data center in the Saigon Hi-Tech Park in Ho Chi Minh City. The center will span 30,000 square meters and house 1,500 to 4,000 racks, improving Vietnam’s digital infrastructure and nurturing top IT talent, while facilitating HYOSUNG’s global expansion in the digital business.

China & India | Key Business Expansion in the Asian Market

In 1988, HYOSUNG entered the Chinese market by establishing a trade office in Beijing. To meet global demand, the company built a local spandex production network, ensuring a stable manufacturing system and supply chain. HYOSUNG became the first spandex company to establish a factory in China in 2000. Following this, the company invested over USD 1.5 billion and employed more than 7,000 people by setting up a polyester tire cord plant in Jiaxing in 2004 and a steel cord plant in Qingdao soon after.

HYOSUNG is also active in the heavy electrical equipment sector in China. In 2004, the company established a joint venture with China's top transformer company, Baoding Tianwei Group. In 2006, HYOSUNG acquired Nantong Woosung Transformer Company, restructuring its production system and expanding exports to other Asian countries, including Vietnam and the Philippines.

In 2018, HYOSUNG’s Chairman Hyun-Joon Cho met with Yuan Jia-jun, the governor of Zhejiang Province, to discuss strengthening their partnership. The visit of Zhejiang’s top official was seen as a significant endorsement of HYOSUNG’s potential for growth in China and a testament to the strong partnership between the two parties. This was only the second such visit by a top Zhejiang leader to HYOSUNG since Xi Jinping’s visit in 2005, when he was the party secretary of Zhejiang Province.

Meanwhile, HYOSUNG expanded into India to establish a stronghold in the Asian market. With its abundant human resources and the government's active reforms, India has emerged as a driving force in the global economy. Hyosung TNC entered the Indian market in 2007 and established a spandex subsidiary in 2018. By 2019, it successfully launched a factory with an annual capacity of 19,000 tons, solidifying its position in the Indian textile market. Hyosung TNC's spandex dominates the premium market in India, boasting a market share of approximately 60%. The spandex is widely used in products like hijabs, swimsuits, and leggings. In April 2023, the company invested about USD 63 million to expand its production facilities, further strengthening both domestic supply and export capabilities.

In addition to textiles, HYOSUNG is expanding its business across various sectors. Hyosung Heavy Industries established its first overseas GIS (Gas Insulated Switchgear) factory in India’s Pune, Maharashtra, in 2016. The facility plays a key role in supporting the power infrastructure in India, South Asia, and the Middle East. Additionally, Hyosung Advanced Materials plans to develop India into a next-generation production hub for tire cords. Currently, HYOSUNG, the global leader in polyester tire cord industry, holds a 56% market share in India. As production facilities are further developed, HYOSUNG’s competitiveness is expected to grow alongside India's economic expansion.

Türkiye and Brazil | A Solid Foothold for Expanding into European and American Markets

In 2008, HYOSUNG established a spandex factory in Türkiye, marking its entry into the European market. Türkiye, strategically positioned between Asia and Europe, offers a prime location for manufacturing and logistics. Leveraging this geographic advantage, HYOSUNG has been able to meet the needs of European consumers. Türkiye plays a critical role in producing high-value-added spandex, often referred to as the "semiconductor of textiles" due to its high technological barriers. HYOSUNG’s connection to Türkiye is also seen in its commitment to social responsibility, exemplified by its donation of USD 100,000 in aid following the 2023 Türkiye earthquake.

HYOSUNG plans to expand production facilities in both India and Türkiye by February 2025. This expansion, which includes polymerization processes, aims to establish a system for manufacturing spandex used in diapers. Previously, such production was concentrated in East Asia, but rising global demand, coupled with supply chain disruptions caused by the pandemic and shifting European geopolitics, has prompted the expansion. Once the facilities are fully operational, HYOSUNG aims to increase its diaper spandex production to 11,000 tons by 2026.

Brazil has been instrumental in HYOSUNG’s expansion into the U.S. and South American markets. Sharing borders with 10 countries in South America, Brazil provides a strategic advantage in exportation. However, the country imposes an 18% tariff on spandex imports, making local production crucial for competitive pricing. In response, HYOSUNG established a production base in Brazil in 2011 and has steadily grown its market presence. Hyosung TNC’s spandex factory in southern Brazil, located in Santa Catarina, is set to increase its annual production capacity to 22,000 tons, effectively meeting the surging demand in the region.

With a forward-looking strategy that accurately predicted global market trends, Hyosung Spandex has achieved a 65% market share in Brazil, solidifying its position as the industry leader. Meanwhile, Hyosung TNC is set to make its debut as the master sponsor at the "ONDM (One Negócio da Moda)" fashion and textile business fair in Brazil in October 2024. This event, featuring lectures by local fashion and apparel industry experts and various exhibitions, is expected to further showcase HYOSUNG’s prominence in the market.

Exploring HYOSUNG’s journey across countries such as Vietnam, India, China, Türkiye, and Brazil, it's clear that HYOSUNG has deeply and accurately understood the characteristics of local markets and consumers while building strong, mutually beneficial partnerships. Despite numerous challenges, HYOSUNG continues to expand its global footprint, rooting itself firmly in partner nations, setting the stage for even greater achievements ahead.