Hyosung Heavy Industries is deepening its presence in Vietnam’s power and industrial sectors, signing a series of agreements to tap rising electricity demand and infrastructure investment.
The company said it signed a memorandum of understanding with Vietnam Electricity at the Korea-Vietnam Business Forum in Hanoi to cooperate on power asset management, grid stabilization and technical capability building.
The partnership includes pilot projects for artificial intelligence-based power asset management systems, expanded use of Statcom technology to stabilize power grids, and training support for Dong Anh Electrical Equipment Corp., a subsidiary of Vietnam Electricity.
Vietnam plans to raise its total power capacity to 221 gigawatts by 2030 under its Eighth National Power Development Plan, with an estimated $136 billion in investment in generation and transmission infrastructure.
In a separate agreement, Hyosung signed a memorandum with the Investment Promotion, Information and Support Center under Vietnam’s Finance Ministry to build the country’s first high-voltage motor manufacturing plant.
Hyosung will invest $50 million to establish the facility in Dong Nai province, targeting annual sales of $100 million. The plant will carry out the full production process locally, marking the first such operation by a foreign company in Vietnam.
High-voltage motors — used in power plants, industrial facilities, data center cooling systems and renewable energy infrastructure — are seeing growing demand as Vietnam expands its industrial base and digital infrastructure.
Since entering Vietnam in 2008, Hyosung has invested more than $4 billion, making it one of the largest Korean investors in the country. Its local operations account for about 1 percent of Vietnam’s total exports.
“The agreements mark a major step in expanding our business in Vietnam beyond textiles into heavy industries,” said Cho Hyun-joon. “We aim to grow as a long-term partner in Vietnam’s development.”
stlee0329@heraldcorp.com
