SEOUL, South Korea--(BUSINESS WIRE)--Hyosung (KRX:004800) has invested about $1 billion in Nhon Trach Industrial Park in Dong Nai Province in Vietnam since 2007. It has enlarged the scale of a plant it constructed on the premise of Hyosung Vietnam. Main items produced at the plant include spandex used in blue jeans and others, and tire cords, a kind of tire reinforcement fabrics.
Hyosung Cho Hyun Joon President has drawn up a strategy to maximize the capacity of the Vietnam plant which serves as a production base for Hyosung’s flagship products. Then, he implemented the strategy in stages, building an integrated production system to raise output efficiency. As a consequence, it has remained in the black since 2009. From 2014, its sales exceeded 1 trillion won, taking up more than 1 percent of total Vietnamese exports.
Hyosung Cho Hyun Joon President met with Vietnamese Prime Minister last November and discussed infrastructure and new investment projects in the Southeast Asian nation. Cho Hyun Joon President told the Vietnamese Prime Minister that he had plans to advance to many fields including apartments, power plants, waste disposal facility, petrochemical industry, ATM and electronic payment in step with Vietnam’s rapid economic growth.
Hyosung Cho Hyun Joon President has emphasized, “On the basis of Hyosung’s own global competitiveness, it will expand its business actively to Vietnam’s various infrastructure areas as well.”