South Korea's Hyosung Group to invest $720 million in Vietnam

The carbon fiber factory in Ba Ria-Vung Tau's Phu My II Industrial Park is undergoing tremendous development. The project demonstrates Hyosung's commitment to leading the way in innovative material production, said Kim Kyung Hwan, CEO of Hyosung Vietnam.

The projected biotech fiber factory, which will be located in the Phu My 2 Industrial Zone, will be Hyosung's first global venture into the use of eco-friendly technology for Spandex fabric production.

This move is consistent with the company's overall objective of broadening its manufacturing portfolio and reinforcing its environmental responsibilities.

Previously, Hyosung Vietnam announced plans for a $1 billion investment in a carbon fiber plant within the same industrial park, with an initial investment phase of about $160 million.

Hyosung, a group known for its discretion and focus on industrial rather than consumer products, has a significant presence in Vietnam, particularly in Dong Nai province.

At the Vietnam-Korea Economic Forum 2023, Hyosung's chairman, Cho Hyun Joon, emphasized the company's 20-plus years of investment in Vietnam, totaling around $3.5 billion and producing over 9,000 jobs.

Cho stressed the strategic importance of Vietnam to Hyosung's global operations, highlighting intentions for additional expansion and a commitment to long-term development in high-tech industries. An extra 10,000-person recruiting campaign in Vietnam has also been announced.

Cho expressed optimism about the reciprocal economic potential, highlighting the unique investment synergy between South Korea and Vietnam.