Cho Hyun-sang, vice chairman of the Hyosung Group, made the annoucement during an event to discuss the investment opportunities in the Vietnamese market.

On January 17, the event was chaired by Prime Minister Pham Minh Chinh on the sidelines of the 54^th Annual Meeting of the World Economic Forum (WEF) in Davos, Switzerland.

Cho Hyun-sang noted that many South Korean groups want to increase their presence in Vietnam. With a revenue of $25 billion per year, the group has invested $3.5 billion in Vietnam and employed 9,000 Vietnamese employees.

He noted that the investment in Vietnam was one of the most reasonable and effective investments. Hyosung plans to increase investment capital in the country to $5.5 billion in 2024.

He highlighted the strength of Vietnam, including the strong and effective leadership of the central government, the active support of local authorities, and the hard-working and serious spirit of the Vietnamese people.

Founded in 1962, Hyosung is the leading South Korean corporation in manufacturing electrical transformers. The company has secured a strong footprint in major manufacturing hubs across Vietnam such as Hanoi, Ho Chi Minh City, Dong Nai, Ba Ria - Vung Tau.

Among the $3.2 million in investment in Vietnam, Hyosung has injected $1.9 billion in Dong Nai, $1.4 billion in Ba Ria-Vung Tau, $200 million in Quang Nam, and $100 million in Bac Ninh. Last year, the group recorded net revenue of $20.1 million.

In June 2023, chairman Cho Hyun Joo said Hyosung considered Vietnam a strategic market. The group will not only scale up its operation but wants to turn Vietnam into a sustainable investment destination.

"We look forward to setting up the company’s future for the next 100 years in Vietnam," Joo said. "We want to promote the development of large high-tech projects while expanding into the field of information technology. Hyosung plans to recruit 10,000 more workers in Vietnam."