On the 14th, Hyosung Chairman Hyun-joon Cho met with Prime Minister Pham Minh Chinh in Hanoi, Vietnam to discuss business cooperation plans.

In attendance at this meeting were Chairman Cho, Vice Chairman Sang-woon Lee, and other Hyosung executives, as well as Prime Minister Pham Minh Trinh and ministerial and vice-ministerial officials from the Vietnamese government. Hyosung officials requested for keen interest and support for promoting its existing flagship business sectors driven by ongoing investments in Vietnam, as well as the group’s future new business areas, such as the eco-friendly cutting-edge material bio BDO (butanediol), renewable aviation fuel SAF (sustainable aviation fuel), and data centers. 

At this time, Chairman Cho said, “Since Hyosung entered into Vietnam in 2007, it has grown into a company with annual sales of USD 3.7 billion in Vietnam alone,” and added, “As Prime Minister Pham Minh Trinh noted on his visit to South Korea, we share his aspiration that cooperation in various fields, such as securing supply chains between the two countries, responding to climate change, and transitioning to a digital economy is crucial for the next 30 years. As such, Hyosung seeks to chart its 100-year future in Vietnam and contribute to economic development in Vietnam by making more investments than its existing amount.” 

Prime Minister Pham Minh Trinh said, “I highly value the effective corporate investment efforts and social contribution activities that Hyosung has undertaken so far,” and added, “Our government will actively support Hyosung’s ongoing investments and future business areas with keen interest.”

Since Hyosung first entered Vietnam in 2007, it has made ongoing investments totaling USD 4 billion throughout Vietnam toward its flagship business sectors, such as spandex, heavy electrical equipment, chemical products, and IT, in addition to future business areas, such as the eco-friendly advanced raw material bio BDO and data centers.