South Korea’s Hyosung eyes $2B expansion in Vietnam

By Minh Son   January 18, 2024 | 07:20 pm PT
South Korea’s Hyosung eyes $2B expansion in Vietnam
Prime Minister Pham Minh Chinh (center), Vietnamese officials, and investors pose for a photo at a forum in Davos, Switzerland on Jan. 17, 2024. Photo by Nhat Bac
South Korean industrial machinery manufacturer Hyosung wants to increase its investment in Vietnam by US$2 billion this year.

Hyosung’s investment in Vietnam has proven to be among the most profitable, the company’s deputy chairman, Cho Hyun-sang, told Prime Minister Pham Minh Chinh at a meeting in Davos, Switzerland, Wednesday.

"The effective leadership of the central government, support from local authorities and the hardworking attitude of the Vietnamese people are the [country’s] strengths."

The company has invested $3.5 billion to build factories in Hanoi, Ho Chi Minh City, Dong Nai, and Ba Ria – Vung Tau that employ over 9,000 workers.

Vietnam has the potential to become a regional financial hub, other investors said at the meeting including Claudio Cisullo of Switzerland-based bank UBS, who said it develop through the use of technology.

HCMC chairman Phan Van Mai said the southern metro aims to establish a regional financial hub by 2030, and would present the proposal to the National Assembly this year.

Chinh called on investors to help develop the financial hub, restructure ailing banks and create a pool of high-quality talent for the financial sector.

Vietnam would do everything possible to make its business climate conducive for foreign investors, he promised.

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