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.
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SOURCE Hyosung Corporation