Prime Minister Pham Minh Chinh (R) hosts a reception for Chairman of Hyosung Group Cho Hyun-joon, Ha Noi, October 14, 2024 - Photo: VGP

During his meeting with Prime Minister Pham Minh Chinh in Ha Noi on Monday, Cho said, the group is South Korea's third largest direct investor in Viet Nam. It has already invested US$4 billion and created some 10,000 jobs in the country so far.

Hyosung Group planned to begin construction on a biotech fiber manufacturing plant and a carbon fiber manufacturing plant, with a total investment of US$1.3 billion in the southern province of Ba Ria-Vung Tau in early 2025.

Viet Nam's investment environment is very reliable, Cho noted, expressing his belief that the Southeast Asian nation will become a manufacturing hub in Asia.

In the near term, Hyosung intends to continue expanding investments in projects such areas as data centers, the production of advanced industrial materials, sustainable biofuels, and carbon fiber manufacturing, he stated.

Hyosung is currently working with the Abu Dhabi National Oil Company (ADNOC) from the United Arab Emirates (UAE) to invite them as a partner to co-invest in projects in Viet Nam, shared Cho.

He expressed his hope to receive assistance from Viet Nam so that Hyosung and ADNOC can effectively carry out projects, becoming a new model of business collaboration among Viet Nam, South Korea, and the UAE, adding that the group expects to play a bringing role in promoting investment from the Middle East into Viet Nam.

Prime Minister Pham welcomed the group's plans for investment expansion in Viet Nam, urging Hyosung to consistently focus on environmental protection, promote partnerships with domestic businesses, and ensure social welfare for workers.

Viet Nam encourages investors to pour more investment in the field of high-tech new materials production, said Pham, voicing his support for the cooperation plan between Hyosung and ADNOC in the country.

Pham expected that the Korean conglomerate will develop projects using high, green, clean technology, and assist the development of supporting industries, innovation associated with technology transfer and helping Vietnamese businesses improve production capacity, and enhance competitiveness to participate in the global supply chain./.