Hyun-joon Cho, Chairman of Hyosung, Meets Vietnamese President Phuc... "Eco-friendly and Bio Investments"

Third Meeting Following 2016 and 2018
Discussion on Strengthening Business Cooperation Measures

Chairman Cho Hyun-joon of Hyosung (left) met with Nguyen Xuan Phuc, President of Vietnam (right), on the 6th to discuss plans for business expansion, including a commitment to continuous investment in Vietnam. Photo by Hyosung

[Asia Economy Reporter Donghoon Jeong] Cho Hyun-joon, Chairman of Hyosung, met again after four years with Nguyen Xuan Phuc, President of Vietnam, with whom he has had a long-standing relationship, and expressed his plan to invest in Vietnam's future industries.

On the 6th, Chairman Cho met with President Phuc, who is visiting Korea to commemorate the 30th anniversary of Korea-Vietnam diplomatic relations, at the Lotte Hotel in Seoul, discussing business expansion plans including a promise of continuous investment.

Chairman Cho and President Phuc have maintained a close and strong relationship, having met twice in Vietnam during President Phuc's tenure as Prime Minister in 2016 and 2018.

At the meeting, Hyosung was represented by Chairman Cho, Vice Chairman Cho Hyun-sang, CEO Son Hyun-sik of Hyosung TNS, and CEO Kim Chi-hyung of Hyosung TNC. On the Vietnamese side, in addition to President Phuc, key government officials such as Nguyen Chi Dung, Minister of Planning and Investment, Nguyen Hong Dien, Minister of Industry and Trade, and Bui Thanh Son, Minister of Foreign Affairs, were also present.

At the meeting, Chairman Cho told President Phuc, "Hyosung was able to grow despite the global pandemic and the world economic downturn thanks to the investment conditions secured for foreign companies," adding, "We will actively strive to expand investment and strengthen cooperation in Vietnam by fostering all business sectors as eco-friendly smart outposts."

President Phuc expressed deep gratitude for Hyosung's continuous efforts in investment and job creation in Vietnam. He said, "We support additional investments in eco-friendly, bio, materials, and new technology sectors, and the Vietnamese government will actively support through infrastructure development and tax incentives."

Since first entering Vietnam in 2007, Hyosung has invested a total of 3.5 billion dollars (approximately 4.5864 trillion KRW) to establish about six production subsidiaries across Vietnam, growing together with the country. This ranks third in foreign investment amounts among foreign companies in Vietnam.

Additionally, by employing about 10,000 local employees, Hyosung plays a significant role in job creation in Vietnam. This year, the sales of Hyosung's Vietnam subsidiaries are expected to reach approximately 3.4 billion dollars (about 4.4553 trillion KRW).