Vietnam emerging rapidly in the global market recording a high economic growth rate each year. On the past November 10th, President Cho Hyun-joon and the Vietnamese prime minister discussed over the plans to cooperate in businesses on the land of opportunity. The next move is anticipated from our company that opened wide the door to new possibility.
The whole view of our company’s Vietnam plant which is leading the global market
on the basis of technology competitiveness
Hyosung and Vietnam, promise business cooperation
On November 10th, President Cho Hyun-joon and the Vietnamese Prime Minister Nguyen Xuan Phuc met in Hanoi, Vietnam to discuss over business cooperation. This meeting was planned to seek cooperation plans such as our company’s involvement in businesses in Vietnam or new investments. At this meeting, President Cho Hyun-joon and Prime Minister Nguyen Xuan Phuc discussed over not only power generation and construction businesses but also plant expansions.
Prime Minister Nguyen Xuan Phuc who is in charge of the Vietnamese economy said, “Vietnam is the country with the potential of 100 million population on the basis of fast growth recording over 6% economic growth rate every year,” and “Hyosung is the company with growing reputation in Vietnam. We will try to build the continuing cooperative relationship in construction of numerous infrastructures and other”. President Cho Hyun-joon commented on the cooperation between our company and Vietnam as, “We will give active efforts on the basis of Hyosung's unique global competitiveness so that various infrastructure businesses of Vietnam can grow including power plant, apartment construction, waste treatment facilities or petro-chemistry.” And, saying, “we will contribute to growth of the Vietnamese financial industry as well as the IT industry such as ATM and electronic payment,” he revealed that our company would expand new investment to Vietnam.
Vietnam Division that is continuously growing
Hyosung's Vice Chairman Lee Sang-woon who attended this meeting also showed his anticipation for business cooperation. This day, Vice Chairman Lee Sang-woon said, “Ever since the first production began in 2007, Hyosung’s Vietnam Division has grown to be a major base and world's biggest production place of core goods such as spandex and tire cord through continuous investment and business expansion,” and “according as the Vietnamese economy develops, we expect the demand of polypropylene and polyethylene to grow rapidly, too”.
Actually, our company has invested more than 1.3 billion dollars, since 2007, to the Nhơn Trạch industrial complex of Dong Nai Province located near Ho Chi Minh City and is producing such world No.1 products as spandex and tire cord. Currently, our company is considered the most investing Korean company ever within the Nhơn Trạch industrial complex. Particularly, our company’s Vietnam Division has consistently accomplished growing surplus since 2009 and, since 2014, more than 1 trillion won sales. This amount occupies more than 1% of the whole export by Vietnam. The status of our company will grow even higher through business cooperation and investment expansion in Vietnam..
Written and Photographed by | Editorial Office