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.