Business Cooperation MOU on Bio BDO, Carbon Fiber, and Renewable Energy
Chairman Cho Hyun-joon of Hyosung met with Prime Minister Pham Minh Chinh, who is visiting Korea on the 1st, at the Seoul Lotte Hotel along with Vice Chairman Cho Hyun-sang of HS Hyosung to discuss mutual cooperation plans for future businesses.
During this meeting, they reportedly discussed cooperation plans across various fields, including ongoing investments in Vietnam such as bio BDO (butanediol), carbon fiber, as well as logistics centers, data centers, renewable energy including power grids, and fintech for future businesses.
On the 1st, at Lotte Hotel Seoul, Chairman Cho Hyun-joon of Hyosung (left) and Vietnamese Prime Minister Pham Minh Chinh are discussing future business cooperation plans. [Photo by Hyosung]
Chairman Cho emphasized the partnership with Vietnam during the meeting. He said, "To keep the promise of 'opening the future of 100 years of Hyosung in Vietnam,' we are expanding investments in Vietnam with the belief that future businesses such as bio BDO, IT, power equipment, advanced materials, ATMs, and data centers, in addition to existing core products, will also be centered in Vietnam."
Vice Chairman Cho also stated, "Through new investments, we plan to expand Vietnam as a global production base for carbon fiber," and added, "We hope for active support."
Prime Minister Pham Minh Chinh expressed gratitude for Hyosung's continuous investment efforts in Vietnam and inquired with Vietnamese government officials about any difficulties Hyosung might be facing in its business in Vietnam. He said, "Vietnam is promoting policies that favor high-tech industries," and added, "We will ensure that Hyosung's future business investments proceed smoothly."
Since first entering Vietnam in 2007, Hyosung has invested a total of $3.8 billion in future business areas such as carbon fiber, an advanced material, and bio BDO, an eco-friendly raw material, as well as core businesses including spandex, tire cords, and electric motors. The annual sales from its business in Vietnam have grown to approximately $3.5 billion.
On the 1st, at Lotte Hotel Seoul, Cho Hyun-sang (left), Vice Chairman of HS Hyosung, is taking a commemorative photo with Pham Minh Chinh, Prime Minister of Vietnam. Photo by HS Hyosung
The meeting was attended by key executives of Hyosung and HS Hyosung, including Chairman Cho, Vice Chairman Cho, Vice Chairman Lee Sang-woon of Hyosung, CEO Ahn Sung-hoon of HS Hyosung, CEO Woo Tae-hee of Hyosung Heavy Industries, CEO Kim Chi-hyung of Hyosung TNC, CEO Cho Yong-soo of HS Hyosung Advanced Materials, and CEO Lee Geon-jong of Hyosung Chemical.
Through the forum held that day, Hyosung and HS Hyosung signed an MOU with Ba Ria-Vung Tau Province of Vietnam to expand investment and support in bio BDO and carbon fiber, and also signed an MOU with Sovico Group, one of Vietnam's top five companies, for business cooperation in data centers, fintech, renewable energy, and finance.
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