Published : Nov. 14, 2016 - 17:22
Hyosung Group President Cho Hyun-joon met Vietnamese Prime Minister Nguyen Xuan Phuc last week to seek business opportunities in the Southeast Asian country’s infrastructure projects, the company said Monday.
The South Korean textile giant has been eyeing construction and financial projects overseas as part of its efforts to diversify its business portfolio.
Hyosung Group President Cho Hyun-joon (left) poses with Vietnamese Prime Minister Nguyen Xuan Phuc after a meeting in Hanoi. (Hyosung Group)
“Based on Hyosung’s global competitiveness, we will work closely with Vietnam to participate in the country’s infrastructure projects including constructions of plants, apartments, disposal facilities and petrochemical units,” said Cho, the eldest son of Hyosung Chairman S.R. Cho.
“We will also expand new businesses such as automated teller machines and electronic payment system which could contribute in Vietnam’s efforts in developing its financial and information and technology sectors.”
The Vietnamese premier acknowledged Hyosung’s growing presence in the country, vowing that the government will continue to work with the company in various fields including infrastructure development, the company said. The meeting was held at the prime minister’s office in Hanoi on Thursday, it added.
Hyosung entered the Vietnamese market in 2007 by investing more than $1.3 billion for the operations of manufacturing units of spandex and tire cords in Dongnai, an industrial city near Ho Chi Minh.
The sales by the company’s Vietnam office surpassed 1 trillion won in 2014, officials said, adding that products manufactured there take up more than 1 percent of the country’s export shipments. Hyosung, the world’s No. 1 producer of spandex and tire cords, has been seeking business expansion in the construction and finance sectors.
With Vietnam’s rapid economic growth, the company also sees growing demand for polypropylene and polyethylene polymers, said Hyosung Vice Chairman Lee Sang-hoon who attended the meeting.
By Cho Chung-un (christory@heraldcorp.com)