Vietnam, rising as the 'Post-China', has now become an indispensable partner in expanding global businesses. Witnessing Vietnam's economic growth, HYOSUNG has developed various businesses and forged a close and special partnership with Vietnam, expanding its vision and sustainability. 

"Vietnam, a very close and special partner" — A video clip on the special partnership between HYOSUNG and Vietnam. (Source: HYOSUNG Worldwide Channel) 

Building Sustainable and Strategic Partnerships for Global Expansion 

The history of HYOSUNG’s foray into the global market traces back to the 1990s with the pioneering of the Chinese market. HYOSUNG’S Chairman Cho Hyun-joon recognized the growth potential of China and began establishing a local production and sales system. HYOSUNG set up the Jiaxing plant in Zhenjiang, China, the group's first overseas base, laying the groundwork to leapfrog into the world's leading spandex company in the mid-2000s. 

While many companies were still exploring the Chinese market, Chairman Cho strategically identified Vietnam as HYOSUNG’s second global outpost and a pivotal hub for export. Despite skepticism, his commitment to investing in Vietnam remained unwavering. Chairman Cho made several visits to Vietnam, meticulously studied the local landscape, and concluded that Vietnam held potential in various domains, including global strategy, IT infrastructure, and fintech. This led to his decision to establish a digital and eco-friendly foundation in Vietnam for sustainable development, leveraging HYOSUNG’s expertise in manufacturing. 

Proving HYOSUNG’s Steadfast Trust in Vietnam with a Total Investment of $3.9 Billion 

Overview of HYOSUNG Vietnam Co., Ltd. 

The global symbiotic partnership between Vietnam and HYOSUNG officially commenced in 2007, coinciding with Vietnam's entry into the World Trade Organization (WTO). In 2007, HYOSUNG established its Vietnamese corporation in Nhon Trach district of Dong Nai province near Ho Chi Minh City, and expanded with a HYOSUNG Dong Nai Co., Ltd. on an adjacent site in 2015.  

Continuing its efforts, HYOSUNG has constructed a large-scale factory on a site of approximately 1.2 million square meters (equivalent to over 90 soccer fields) in Nhon Trach Industrial Park. In the process, HYOSUNG has actively recruited a significant number of local talents in Vietnam. The area, once a rubber forest, transformed into Vietnam's largest industrial park bustling with commuting motorbikes. It is now HYOSUNG’s global hub for producing key products in textiles, industrial materials, chemicals, and heavy industries. This landmark project stunned the Vietnamese government and other companies as it recorded surplus for ten consecutive years, with sales increasing 2,000% compared to its first year. 

Along the establishment of HYOSUNG Dong Nai Co., Ltd., HYOSUNG further specified its large-scale investments across various industrial parks in Vietnam. In 2018, HYOSUNG invested $1.4 billion, approximately ₩1.6 trillion, in Cai Mep Industrial Park in Southern Vietnam’s to build a polypropylene plant. In 2020, a plant for tire reinforcement and automotive airbag production was constructed in Tam Thang Industrial Park in Central Vietnam. By 2022, HYOSUNG had established a total of six production corporations in Vietnam, including an ATM manufacturing plant in Yen Phong Industrial Park in the north and an industrial motor production corporation in Nhon Trach Industrial Park. As of 2022, HYOSUNG's cumulative investment in Vietnam has reached $3.9 billion, with sales amounting to $3.2 billion. 

These substantial investments have propelled HYOSUNG to the third rank among Korean companies in Vietnam. HYOSUNG Vietnam Co., Ltd. and HYOSUNG Dong Nai Co., Ltd. have become the company’s most productive factories in its global production network among bases with a single factory. HYOSUNG now produces globally recognized products throughout Vietnam, including spandex, tire cord, and yarns for automotive seatbelts and airbags, maintaining a consistent supply system and walking the path of a world-class brand. 

With a focus on local management and step-by-step training programs for quality control and operations, HYOSUNG’s industrial parks in Vietnam, which began with 190 employees in its inaugural year, has now expanded to a workforce of over 9,000. Along with this impressive growth, HYOSUNG’s factories, known for its excellent salaries and welfare benefits, are one of the most desirable workplace among Vietnam's young talents 

HYOSUNG’s 2023 medical volunteer group “Smile Expedition” is conducting basic health check-ups for elementary school students in Vietnam. 

As Vietnam grows into HYOSUNG’s largest global production hub, the relationship between HYOSUNG and Vietnam is becoming a mutually beneficial "win-win" partnership. In addition to production facilities, since 2011 to present days, HYOSUNG has been sending a medical volunteer group called "Smile Expedition" to Vietnam. Smile Expedition provides various medical services and social contribution activities, including medical care for marginalized groups, childbirth education for unmarried mothers, health check-ups, and support for underprivileged children. While Smile Expedition was temporarily suspended during COVID, it has resumed its activities in 2023, and 22 medical professionals and 43 Hyosung Vietnam employees participated in interpretation and various support activities. This serves as a reaffirmation of the steadfast collaboration between HYOSUNG and Vietnam, a commitment that remains unwavering even after the global pandemic. 

HYOSUNG Spearheads Vietnam's Economic Growth with Innovations such as the Smart Factory 

HYOSUNG is on the brink of introducing smart factory systems across all its factories in Vietnam. The goal is to innovatively integrate IT technologies like big data management into existing manufacturing processes, thereby creating a global standard manufacturing environment responsive to the climate crisis. This initiative underscores the symbiotic relationship between HYOSUNG and Vietnam, moving towards sustainable development, and embodies the essence of a global win-win scenario. 

HYOSUNG and Vietnam share a crucial and exceptional partnership, marked by cooperation and mutual growth. For HYOSUNG, Vietnam serves as a global base gearing up for a new league, while the company plays the role of an unsung hero in catalyzing Vietnam's national economy. This is the definition of sustainable and global success where both parties benefit.