Deputy PM Welcomes Hyosung to Expand Investment in Viet Nam

10:43:01 AM | 5/14/2024

Deputy Prime Minister Le Minh Khai welcomed Hyosung Corporation to expand investment in raw materials, industrial power systems, data centers and biofuels in Viet Nam.

Deputy Prime Minister Le Minh Khai (R) hosts a reception for Vice Chairman and COO of Hyosung Corporation Lee Sang Woon, Ha Noi, May 10, 2024 

Le made the above statement while hosting a reception for Vice Chairman and COO of Hyosung Corporation Lee Sang Woon in Ha Noi on May 10.

The Vietnamese leader said, South Korea has been Viet Nam's largest investor over the past years, with the total registered capital worth around US$87 billion in 9,957 valid projects.

Le hailed effective operation of Hyosung Corporation in fields of industry, construction, trade and information technology, making substantive contributions to Viet Nam's socio-economic development.

The Vietnamese Government always places importance on improving investment environment and facilitating the group to launch effective and sustainable operation in the country, underlined the Deputy Prime Minister.

He proposed the corporation pay more attention to protecting the environment, promoting linkages with domestic enterprises, using raw materials that Viet Nam can produce, and ensuring welfare for workers.

Le acknowledged the corporation's wish to take part in the modernization process of the Vietnamese banks.

For his part, Lee Sang Woon said, the company's latest venture is a US$730 million carbon fiber factory in the southern province of Ba Ria-Vung Tau, focusing on advanced materials and environmentally friendly bio-BDO biological products.

Hyosung, the world's third-largest ATM manufacturer, is seeking government support to invest in a factory producing ATMs in Viet Nam and a big data center in a high-tech industrial park in Ho Chi Minh City, he shared.

Since 2007, the corporation has poured over US$4 billion in the Southeast Asian nation in such areas as raw materials, textile industry, chemical industry, and industrial electrical systems.

Hyosung is currently South Korea's third largest foreign direct investment (FDI) partner in Viet Nam after Samsung and LG.

Source: VGP