Chairman Cho Develops Vietnam as Key Base for Sustainable Management

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Sep 11, 2024, 07:12 ET

SEOUL, South Korea, Sept. 11, 2024 /PRNewswire/ -- Hyosung Chairman Cho Hyun-joon is fostering Vietnam as Hyosung's global strategic base through continuous investment.

Since Hyosung first moved to Vietnam in 2007, it has been growing together with the Vietnamese economy. Hyosung has invested a total of $3.5 billion and established approximately six production subsidiaries across the country. In 2007, Hyosung established its first Vietnamese subsidiary in Nhon Trach Industrial Park in Dong Nai Province, near Ho Chi Minh City, followed by the Dong Nai subsidiary on an adjacent site in 2015.

Currently, Hyosung produces spandex, heavy electrical equipment, and other products in Vietnam. The spandex plant in Vietnam, as a single factory, holds the largest production capacity among Hyosung's global production bases.

Continuous Investment in Vietnam and Expansion of Sustainable Business Based on DX

Chairman Cho plans to continue increasing investments, considering Vietnam as a priority for expanding Hyosung's global production base. Hyosung intends to lease additional land in the southern region of Vietnam to establish an integrated production system for the textile business, covering everything from raw materials to final products.

Additionally, Hyosung is reviewing various investment options to prepare for the proliferation of infrastructure investment in Vietnam, including the supply of power equipment, urban infrastructure facilities, IT infrastructure, and fintech.

In particular, the company plans to accelerate digital transformation (DX) by converting the Vietnamese production base into a smart factory. It also plans to expand sustainable businesses, such as the recycled fiber business.

Chairman Cho Hyun-joon, utilizing his accumulated expertise in business, plans to build a foundation for sustainable development by establishing a business environment that keeps up to global carbon neutrality and climate change standards.

SOURCE Hyosung Corporation