This event is deemed an important milestone, opening up prospects for cooperation and development for both sides, and laying a stepping stone for Hanoi Plastics (HPC) to participate more deeply in the supply chain for leading Korean businesses in the future.

On the side of HPC, the signing ceremony featured Pham Do Huy Cuong, CEO of An Phat Holdings and chairman of the Board of Directors of HPC; Ngo Van Thu, general director of HPC; and Lam Thi Hien, deputy general director in charge of Business Development of HPC.

On the side of the Korean partner, Lee Don Ju, chairman and Lee Sang Hak, business director of PowerNet Technologies; and Song Sang Hoon, CEO of PowerNet Vietnam were present.

Pham Do Huy Cuong, CEO of An Phat Holdings and chairman of the Board of Directors of HPC and Lee Don Ju, chairman of PowerNet Technologies, at the MoU signing ceremony

The MoU aims to build up a conducive system of mutual support to maximise the production and business capacity of both parties.

Accordingly, HPC and PowerNet Technologies will strengthen cooperation in the construction and operation of end-product assembly and production facilities; promoting business cooperation in plastic moulding and production techniques; and other necessary fields to optimise cooperation benefits between the two parties.

To implement the MoU smoothly, HPC and PowerNet Technologies are set to establish and jointly operate a steering committee consisted of board members from both sides to discuss and exchange on many different issues.

Opportunities for supply network expansion

PowerNet Technologies is a leading business in the manufacture of switching mode power supply sets in Korea, boasting a 30 years-plus track record.

Headquartered in RoK with factories based in Qingdao and Shenyang cities in China, the company's products have forayed into 12 countries around the world.

PowerNet Technologies is currently a tier-1 supplier of Coway, a major brand in Korea, with decades of experience in manufacturing and developing household appliances, notably air and water purifiers.

Leveraging the move, HPC will directly engage in the production and assembly of complex components that make up air purifiers, instead of just producing plastic components as previously.

This would be an important step for HPC to participate more deeply in the supply chain for Coway, while also ushering in opportunities for the company to become a leading supplier for businesses in Korea and global electronics groups in the future.

The event also helps expand HPC’s global customer headcount, marking a new milestone in its lasting journey of persistent innovation, technology improvement, and investment in machinery-equipment and human resources, to meet increasingly stringent market standards.

HPC- A leading supplier for major Korean businesses

Speaking at the signing ceremony, Pham Do Huy Cuong - CEO of An Phat Holdings and chairman of the Board of Directors of HPC said he appreciated the comprehensive MoU with PowerNet Technologies.

Pham Do Huy Cuong, CEO of An Phat Holdings and chairman of the Board of Directors of HPC highly appreciates the cooperation with PowerNet Technologies

“The MoU marks a new success for HPC in its efforts to diversify the supply chain, realising the goal for production and business expansion, and product diversification to catch up with increasing market demands. This is also a solid stepping stone for us to engage more deeply in the global value chain, contributing to bringing high quality ‘Vietnamese-made’ products to global customers,” Cuong noted.

As for PowerNet Technologies, chairman Lee Don Ju expressed his joy at having the opportunity to cooperate with HPC, saying that the Hanoi Plastics has surpassed three other rivals to become a supplier of PowerNet Technologies, by virtue of meeting all the stringent requirements the company has set.

Lee Don Ju, chairman of PowerNet Technologies, has high expectations for future cooperation with HPC

Leveraging existing advantages, Lee believes that PowerNet Technologies and HPC will garner more development opportunities as well as secure significant customers in Korea and around the world.

Lee expressed his expectation that the MoU would lay the foundation for a long-term strategic partnership between PowerNet Technologies and HPC, turning the two companies into the leading suppliers for Coway in Southeast Asia.

Right after signing the MoU, PowerNet Technologies and HPC will embark on producing new product lineups to materialise their common goals.

Hanoi Plastics JSC is a member of An Phat Holdings, a leading high-tech and environmentally friendly plastic group in Vietnam and Southeast Asia.

The company has made it into the list of leading businesses in supporting industries, boasting a 50 year-plus track record in manufacturing plastic components, auto and motorbike parts, electronic devices, industrial equipment and accessories, and moulds.

HPC is the leading supplier for large groups and corporations such as Honda, Toyota, Piaggio, LG, and Panasonic.