Meeting between Hyosung Chairman CHO Hyun-Joon and Vietnamese President Nguyễn Xuân Phúc2022.12.06
Hyosung Chairman CHO Hyun-Joon met Vietnamese President Nguyễn Xuân Phúc again after an interval of four years and disclosed his plan to make a large-scale investment in Vietnam’s future-oriented industrial sectors.
□ Mr. CHO Hyun-Joon’s third encounter with President Phúc…bilateral cooperative relationship reconfirmed
On December 6, Hyosung Chairman CHO Hyun-Joon met with Vietnamese President Nguyễn Xuân Phúc, who was visiting Korea on the occasion of the 30th anniversary of establishment of diplomatic relations between the two countries. At the meeting held at Lotte Hotel Seoul, the two discussed ways to strengthen business cooperation, with Mr. CHO promising to make continued investment in Vietnam.
The two met in 2016 and 2018 when Mr. Phúc was Vietnam’s prime minister, and they have maintained a close relationship since then.
Others taking part in said meeting included Vice Chair CHO Hyun-sang, Hyosung TNS President SON Hyunsik, and Hyosung TNC President Kim Chi-Hyung from Hyosung and Minister of Planning and Investment Nguyen Chi Dung, Minister of Industry and Trade Nguyen Hong Dien, and Foreign Minister Bui Thanh Son of the Vietnamese government.
□ Hyosung has invested a total of 3.5 billion dollars since 2007, becoming the third largest foreign investor.
“Hyosung could grow in Vietnam amid the global pandemic and recession thanks to the Vietnamese government’s effort to foster favorable conditions for foreign investors. We’ll continue to strive to increase investment in the country and strengthen bilateral cooperation, while developing the country as our forward base in eco-friendly and smart business sectors,” Hyosung Chairman CHO Hyun-Joon said at the meeting.
For his part, President Phúc expressed deep gratitude for the efforts made by Hyosung for continued investment and job creation in his country and vowed to provide support for Hyosung’s additional investment in eco-friendly/bio/advanced materials/new technology sectors including establishment of the relevant infrastructure and improvement of tax-related matters.
Hyosung has established six production corporations in Vietnam , investing a total of 3.5 billion dollars since 2007 and expanding its presence there in keeping with the country’s economic growth. At present, Hyosung is the third largest foreign investor in Vietnam.
The number of local employees hired by Hyosung in Vietnam comes to about 10,000, playing a significant role in job creation. Sales of Hyosung’s local corporations in Vietnam are forecast to reach approximately 3.4 billion dollars.