MoU between Hyosung and Northern Investment Promotion, Information and Support Centre

On April 24, the Northern Investment Promotion, Information and Support Centre under the FIA signed a cooperation agreement with Hyosung Heavy Industries of South Korea to establish a framework for collaboration, enhance information exchange and encourage investment opportunities in the coming period.

Amid deepening economic and investment ties between Vietnam and South Korea, further strengthened by the official visit of President Lee Jae Myung from April 21 to 24, the agreement highlights the importance of closer coordination between investment promotion agencies and businesses in translating bilateral commitments into concrete outcomes.

Speaking at the signing ceremony, Vu Van Chung, deputy director general of the FIA, reaffirmed that Vietnam viewed the foreign-invested sector as a key driver of economic growth. In recent years, the government has improved the investment climate, strengthened institutions and upgraded infrastructure and personnel to better support international investors, including those from South Korea.

He noted that South Korea remains one of Vietnam’s leading investment partners, making significant and long-term contributions to the country’s socioeconomic development. Hyosung is a major industrial group with a strong track record in heavy industry, energy and infrastructure, and has successfully invested in Vietnam.

The agreement marks an important milestone, reflecting the parties’ commitment to encouraging investment opportunities, especially in priority sectors such as high technology, energy, infrastructure and green industry. Authorities also pledged continued support to facilitate Hyosung’s investment expansion in Vietnam.

Woo Tae Hee, CEO of Hyosung Heavy Industries, said the group had invested more than $2.27 billion in Dong Nai province by 2025, focusing on products such as spandex, tyre cord, nylon and industrial yarns. Since 2015, Hyosung has also invested in low-voltage electrical equipment and is now planning to expand into high-voltage equipment in Vietnam.

He highlighted that the agreement opens up opportunities for advanced technology transfer, job creation, particularly in Dong Nai, and expansion of Hyosung’s role as a long-term strategic partner in Vietnam.

Do Van Su, director general of the FIA, noted that after nearly 30 years of presence, Hyosung had become an integral contributor to Vietnam’s economy, supporting growth, employment and exports while helping local firms and workers access advanced technologies.

“Hyosung’s decision to select Vietnam as a base for high-tech products such as high-voltage electric motors is a strategic move that will open a new phase of deeper and closer cooperation,” he said.

The signing is seen as a key step towards strengthening long-term cooperation and expanding links with the South Korean business community. It is expected to enhance investment promotion effectiveness and create a solid foundation for future Hyosung projects in Vietnam, in line with the country’s strategy of attracting high-quality, selective foreign direct investment.

Under the agreement, the Northern Investment Promotion, Information and Support Centre will assist Hyosung in identifying suitable project locations, provide information on the investment environment and policies, and coordinate with authorities to facilitate project implementation, including plans to develop a high-voltage electric motor manufacturing plant in Vietnam.