Cho Huyn-sang, vice chairman of Hyosung Group, revealed the news during a talk on investment opportunities in the Vietnamese market, with the event held in Davos, Switzerland, on January 17 and chaired by Prime Minister Pham Minh Chinh on the sidelines of the 54th Annual Meeting of the World Economic Forum (WEF-54).

Founded in 1962, Hyosung is the RoK's leading corporation specializing in manufacturing electrical transformers and has already invested US$3.5 billion into Vietnam.

The corporation has made its presence in major Vietnamese cities such as Hanoi, Ho Chi Minh City, Dong Nai, and Ba Ria - Vung Tau with more than 9,000 employees.

Cho said many RoK firms are keen to increase their investment in Vietnam, and Hyosung plans to raise its investment capital to US$5.5 billion this year.

He spoke highly of Vietnam’s strengths, including local administrations’ effective leadership and active support for businesses, as well as Vietnamese people’s diligence and serious working attitude.

Last December during a working session held alongside leaders of the People's Committee of Ba Ria - Vung Tau province, Hyosung unveiled the idea of ​​building a bio-fiber factory in Phu My 2 industrial park with total investment of US$720 million. This was the first project of Hyosung worldwide to produce Spandex fabric yarn.

At a meeting with Prime Minister Pham Minh Chinh last June, Cho emphasised that RoK firms view Vietnam to be a strategic market for expanding its operations, and they expressed a keen desire to turn the country into sustainable investment destination for development.

The Hyosung leader stated that RoK firms want to further accelerate the development of large projects in the field of information technology, with plans in place to recruit an additional 10,000 workers moving forward.

He expressed his hope that the Vietnamese Government would continue to create the optimal conditions for foreign enterprises to thrive, especially in facilitating the granting of investment licenses and simplifying administrative procedures.

Source: VOV