Production Base
Hyosung Group said on September 11 that its head of Strategic Headquarters (president) Cho Hyun-joon met Dinh La Thang, general secretary of the Communist Party of Ho Chi Minh City, Vietnam and Le Van Khoa, vice mayor of Ho Chi Minh City at Lotte Hotel, Seoul on September 9. The general secretary Dinh is a member who has the authority to make the final decision in the Vietnamese communist party.
At the meeting with the Vietnamese leaders, Cho said, “Hyosung has grown Vietnam as its largest production base in the world for products such as spandex and tire cord with highest market shares by focusing its investment on the southern part of Vietnam,” adding, “We are going to closely cooperate in information technology (IT) including automated teller machines (ATM), as well as in infrastructures such as petrochemistry, electricity, and water supply and drainage.
In reply, Dinh said Hyosung has created quality jobs in Vietnam, adding, “We hope Korean businesses will be active to make investment for the development of Ho Chi Minh,” according to the South Korean textile company.
Hyosung has made an investment of about US$1.2 billion (approximately 1.327 trillion won as for the accumulated records) in an industrial cluster at a distance of one hour by car from Ho Chi Minh since 2007 to establish its main production base specifically for overseas exports. It employs about 6,000 locals and accounts for some 0.7% of the country’s yearly export amount, making a significant contribution to its economy.