Prime Minister Pham Minh Chinh received Chairman of Hyosung Group Cho Hyun-joon in Hanoi on October 14, applauding the Korean firm’s intention to invest another US$4 billion in Vietnam.

 

Speaking with Cho, who has visited Vietnam twice in just three months, the host praised the group’s trust, efforts, and determination in operating in the country. He called on it to keep building on its business results gained so far and expand investments to achieve higher targets in the coming time.

 

He acknowledged Hyosung’s successful investment and business performance as well as social activities in the country, stating that Việt Nam will continue supporting and providing optimal conditions for the firm’s projects to operate sustainably and profitably.

 

Vietnam is pushing forward with improving the investment climate, reforming administrative procedures, cutting compliance costs, boosting power decentralisation, and developing strategic infrastructure to reduce expenses and promote competitiveness for goods and enterprises, the PM noted.

 

For his part, Cho said Hyosung, a large enterprise of the Republic of Korea (RoK) operating in the fields of industrial materials, information technology, industrial electricity, construction, chemicals, and trade, is the third largest direct investor from the RoK in Vietnam. It has invested about US$4 billion and created some 10,000 jobs in the country so far.

 

He noted that Vietnam’s investment climate is trustworthy and expressed his belief that the country will become a manufacturing hub in Asia.

 

Hyosung is realising its commitment to placing its future in the next 100 years in Việt Nam and positioning itself not only as a Korean company but also as a Vietnamese one, he remarked.

 

It plans to invest an additional $4 billion and create about 10,000 new jobs to contribute more to the local economy and further fulfil its social responsibility, the chairman noted, adding in the short term, it will continue expanding investments in data centres, high-tech industrial materials, aviation biofuel, and carbon fibre manufacturing.

 

As Hyosung is inviting the UAE’s Abu Dhabi National Oil Company (ADNOC) to partner in its projects in Việt Nam, Cho expressed his hope for Việt Nam’s support so that the two enterprises can efficiently carry out investment projects and become a new business cooperation model among Việt Nam, the RoK, and the UAE.

 

Hyosung will also help attract investment from the Middle East to the Southeast Asian nation, he continued.

 

Welcoming the group’s investment expansion intentions, PM Chính asked Hyosung to pay attention to environmental protection, enhance connectivity with local companies, and ensure welfare for workers.

 

He said Vietnam encourages investment in the manufacturing of new materials using high technology, and supports the cooperation plan between Hyosung and ADNOC.

 

The Government leader called on the Korean enterprise to leverage its investment and business experience in Vietnam while utilising ADNOC’s strong resources, extensive partner network, and modern technology to develop projects applying advanced, green, and clean technologies. He also suggested it help boost supporting industries, innovation, and technology transfer in the country, and assist local companies in improving their production capacity and competitiveness to engage in global supply chains. VNS

 

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