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Get a closer >Chinhung International Jinheung Enterprise . Selected as the Best Company in the Ministry of Land, 2024.07.04 Jinheung Corporation, a construction affiliate of Hyosung, announced on the 4th that it was selected as the best construction company for three consecutive years in the ‘2024 Mutual Cooperation Evaluation among Construction Businesses’ produced by the Ministry of Land, Infrastructure and Transport.. The mutual cooperation evaluation among construction businesses published by the Ministry of Land, Infrastructure and Transport is a scheme implemented to form close mutually beneficial partnerships between construction businesses for balanced development and efficient performance of the construction industry Every year, it is divided into large corporations and small and medium-sized enterprises, and scores are given by evaluating items such as △ joint contracting and subcontracting performance with corporate partners, △ financial support for them, △ joint technology development and win-win activities with them, and △ credible reputation Jinheung Enterprise Co., Ltd. attained a positive evaluation for strengthening the review of the legitimacy of subcontract amounts and executing funds to corporate partners in a timely manner for win-win cooperation with corporate partners. According to the implementation of the Severe Accident Punishment Act, it also attained high points in safety evaluation items such as safety reinforcement measures related to accident prevention To create a safe site with the goal of 'ZERO serious accidents', Jinheung Enterprise Co., Ltd. constantly actively implements measures to strengthen safety, such as delivering messages about safety, sharing onsite risk factors, and preparing countermeasures through monthly safety and health management activity meetings joined by safety executives, safety and health organizations, site managers, employees, and external professional inspection agencies. In addition, it continues to implement practical disaster prevention activities by undertaking activities companywide and identifying and improving high-risk factors through a smart app, with high-risk tasks being selected on a weekly/daily basis. A total of 20 large construction companies, including Jinheung Enterpris, attained the highest rating, and will be given preferential treatment such as extra points and lowered penalty points in future tender bids for public construction projects under the Framework Act on the Construction Industry. An official at Jinheung Enterprise Co., Ltd. said, “We will continue to strive as a company to strengthen our competitiveness by effectively communicating with our partners and pursuing win-win growth with them.” Meanwhile, Jinheung Enterprise Co., Ltd. ranked 47th in the ‘2023 Construction Capability Evaluation’ ranking published by the Construction Association of Korea, rising five spots from the prior year, and has demonstrated steadfast performance and financial stability despite difficult construction industry conditions. -
Get a closer >Hyosung Group Hyosung Met with Vietnam’s Prime Minister to Forge “Future Business Cooperation” 2024.07.02 Hyosung Chairman Hyun-joon Cho, HS Hyosung Vice Chairman Hyun-sang Cho, etc. met with Prime Minister Pham Minh Chinh, during his visit to South Korea, at the Lotte Hotel in Seoul on the 1st to forge mutual cooperation plans for future business endeavors. It has been reported that cooperation plans in various fields were discussed at this meeting, ranging from Vietnam-based businesses currently being invested in, such as bio BDO and carbon fiber, to future businesses, such as both logistics and data centers, new and renewable energy, power grids, and fintech. At the meeting that day, Chairman Cho said, “In keeping with our promise to ‘usher in Hyosung’s 100-year future in Vietnam,’ we are expanding our investments there, in addition to existing core products, on the premise that the country will become the center of our future business, such as Bio BDO, IT, power equipment, advanced materials, ATMs, and data centers,” highlighting its partnership with Vietnam. Vice Chairman Cho also said, “We plan to expand the global carbon fiber production base in Vietnam through new future investments,” and affirmed, “We look forward for your active support for this.” Vietnam’s Prime Minister Pham Minh Trinh conveyed his gratitude for Hyosung's continued investment efforts in Vietnam and reportedly conferred with Vietnamese government officials to know whether Hyosung's business has faced any hurdles in Vietnam. Since its initial entry into Vietnam in 2007, Hyosung has invested a total of USD 3.8 billion in its core business lines of spandex, tire cords, and electric motors, as well as future businesses such as cutting-edge carbon fiber materials and eco-friendly bio-BDO raw materials, with annual sales reaching USD 3.5 billion. In attendance at the meeting were Hyosung Chairman Cho and HS Hyosung Vice and other key company executives, including Hyosung Vice Chairman Sang-woon Lee, HS Hyosung CEO Sung-hoon Ahn, Hyosung Heavy Industries CEO Tae-hee Woo, Hyosung TNC CEO Chi-hyung Kim, HS Hyosung Advanced Materials CEO Yong-soo Cho, and Hyosung Chemical CEO Kun-jong Lee. Meanwhile, Hyosung and HS Hyosung has signed an MOU with Ba Ria-Vung Tau Province of Vietnam on investment expansion and support for bio BDO and carbon fiber through the forum and another MOU with Sovico Group, a top-five Vietnam-based company, for business cooperation in data centers, fintech, new and renewable energy, and finance. -
Get a closer >Hyosung Group Hyosung Delivered Daily Necessities to National-Merit Veterans/Recipients Ahead of June 25 2024.06.18 Hyosung announced that it had visited the Seoul Southern Veterans Affairs Office located in Seocho-gu on the morning of the 18th to deliver 200 sets of beef porridge and beef bone soup for national-merit veterans/recipients. Ahead of June 25th memorial day, the delivered daily necessities were delivered directly to veterans who have served the country. The selected products were easy to consume and digest on behalf of the elderly veterans of national merit. ‘Daily Necessities of Love’ has been delivered to national-merit veterans/recipients at the Seoul Southern Veterans Affairs Office twice a year since 2015. Meanwhile, in tribute to Patriots’ and Veterans’ Month, Hyosung supported the Seoul National Cemetery's “one-company, one-cemetery” cleanup activity, a housing assistance project for national-merit veterans, and an outing program for them. At the end of June, it is planned to commemorate a consolation year for veterans' families. -
Get a closer >Hyosung Group Hyosung Delivered Consolation Funds to the Gwanggaeto Unit of the 1st Army Corps for Soldiers 2024.06.14 On the 13th, Hyosung visited the Gwanggaeto Unit of the 1st Army Corps to deliver a total of KRW 50 million in consolation funds and support for Army soldier welfare. Hyosung donated consolation funds geared to military unit development, as well as funds for Army soldiers’ general welfare to be used to purchase physical training equipment and outdoor basketball hoops. Hyosung has maintained a one-company, one-barracks sisterhood relationship with the Gwanggaeto Unit of the Army's 1st Corps since 2010. Ever since, visits have been made to the Gwanggaeto unit every year to deliver consolation funds. In addition, it has supported various welfare facilities such as reading cafe facilities and laundry rooms for soldiers tasked with our national defense. In tribute to Patriots’ and Veterans’ Month in June, Hyosung Group has undertaken various patriotic social contribution programs with the Seoul Southern Veterans Affairs Office. On the 4th, they arranged for a family outing on behalf of national-merit veterans/recipients. On the 7th, they also sponsored the Veterans Cultural Festival held at Sevit Islets, Seocho-gu. -
Get a closer >Hyosung TNC Hyosung TNC, ‘New Clothes’ Made from ‘Discarded Clothes’ 2024.06.13 Hyosung TNC has launched a business that recycles discarded clothes & fabrics to make new clothes. □ Hyosung TNC and U.S.-based Ambercycle signed an MOU for recycled textile production Hyosung TNC announced on the 12th that it recently signed a memorandum of understanding (MOU) with Ambercycle, located in California, USA, on ‘recycled textile production for resource recirculation’. This MOU is a strategic partnership to maximize synergy effects between the two companies to penetrate the global eco-friendly market. In the mid-2000s, Hyosung TNC developed regen, Korea's first polyester recycled textile made from discarded PET bottles and recycled nylon textile made from discarded fishing nets. Since then, it continued to lead the recycled textile and fashion market not only in S. Korea but also in the global market. Ambercycle boasts a distinct technology that recycles discarded clothing and fabrics and manufactures them into polyester raw materials. Recently, it has signed a strategic partnership with Inditex, the parent company of the global fashion brand ‘Zara’ in an effort to expand its base in the recycled textile market. □ Joint marketing with the launch of clothing using polyester recycled textile With this MOU, the two companies plan to implement a joint marketing program that produces polyester textile using Ambercycle's recycled polyester raw materials and launch corresponding clothing products through collaboration with fashion companies. Hyosung TNC expects that this MOU will not only kickstart the recycled textile market but also bolster its position as an industry leader in the eco-friendly textile market through true resource circulation from discarded clothing to recycled textile production. □ CEO Chi-hyung Kim, “No. 1 in propelling the global eco-friendly textile & fashion market.” CEO Chi-hyung Kim of Hyosung TNC said, “Hyosung TNC’s recycled textile called regen is an innovative product that has ushered in sustainability in the textile market in the environmental circulation field,” and added, “By strengthening regen’s innovation and brand power through cooperation with Ambercycle, we will emerge as the No. 1 global company at the forefront of the global eco-friendly textile and fashion market.” CEO Shay Sethi of Ambercycle said, “We will expand Ambercycle’s technology to meet the growing demand from our brand partners, and collaborate with Hyosung, which has been at the center of eco-friendly material production for many years in a push to expand into new markets globally, including Korea, a core leader in textile production. Meanwhile, the current global eco-friendly textile and fashion market, including recycled textile, is worth about KRW 23 trillion with an annual growth rate of 12.5%, and is expected to grow to nearly KRW 75 trillion by 2030, including up-stream and downstream businesses. Hyosung TNC plans to increase eco-friendly textile sales, which currently account for 4% of textile sales, by more than five times to 20% by 2030.