S.Korea’s Hyosung Group pledges additional $2 bln in Vietnam in 2024

South Korean industrial conglomerate, Hyosung Group, is seeking to invest an additional $2 billion in Vietnam this year, local newspaper VnExpress reported on Thursday, citing group vice-chairman Cho Hyun-sang at the World Economic Forum in Davos.
Hyosung Group has invested $3.5 billion establishing its presence in Vietnam’s major manufacturing hubs namely Hanoi, Ho Chi Minh City, Dong Nai and Ba Ria – Vung Tau and employed 9,000 people, according to the Vietnamese government, said the report.
“Hyosung plans to inrease total investment to $5.5 billion this year,” Cho Hyun-sang said.
The report, however, did not state the investments would be for which fields.
The company did not immediately respond to a Reuters request for comment. Last month, the company announced plans to invest $720 million in a biotech fiber manufacturing plant in southern Vietnam.