Hyosung Chairman Cho Hyun-joon Positions Vietnam as a Global Strategic Hub for Sustainable Growth

Hyosung Chairman Cho Hyun-joon is strategically positioning Vietnam as a vital global base for the company’s operations, emphasizing sustainable business practices and digital transformation. Since its first foray into Vietnam in 2007, Hyosung has been a consistent partner in the country’s economic development. The company has invested a substantial $3.5 billion, establishing approximately six production subsidiaries across the nation.

Hyosung’s journey in Vietnam began in 2007 with the establishment of its first subsidiary in Nhon Trach Industrial Park in Dong Nai Province, near Ho Chi Minh City. This was followed by the establishment of another subsidiary on an adjacent site in 2015. Today, Hyosung’s Vietnamese operations produce a diverse range of products, including spandex, heavy electrical equipment, and other specialized items. Notably, the spandex plant in Vietnam holds the distinction of being the largest single production facility among Hyosung’s global production bases.

Chairman Cho’s vision for Vietnam extends beyond current operations. He plans to further increase investments, prioritizing the country as a key location for expanding Hyosung’s global production network. The company aims to lease additional land in the southern region of Vietnam to create an integrated textile production system that encompasses the entire supply chain, from raw materials to finished goods.

In parallel, Hyosung is actively exploring diverse investment options in preparation for the anticipated surge in infrastructure investment in Vietnam. This includes supplying power equipment, developing urban infrastructure facilities, strengthening IT infrastructure, and venturing into the fintech sector.

Chairman Cho’s vision for Vietnam incorporates a commitment to digital transformation (DX) by converting the Vietnamese production base into a smart factory. Simultaneously, he plans to expand sustainable businesses, including the development of a recycled fiber business.

Drawing on his extensive business expertise, Chairman Cho aims to build a foundation for sustainable development by fostering a business environment that aligns with global carbon neutrality and climate change standards. By embracing digital transformation and sustainable practices, Hyosung is poised to play a significant role in Vietnam’s continued economic growth while contributing to a more environmentally conscious future.

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