Hyosung Group already number one in many business areas in Korea is looking to expand into additional markets around the world. Hyosungâ€™s head of Strategic Headquarters (president) Cho Hyun-joon at the meeting with Vietnamese leaders on September 9 said that 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.
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 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 countryâ€™s yearly export amount, making a significant contribution to its economy.
Dinh La Thang, general secretary of the Communist Party of Ho Chi Minh City, said that Hyosung has created quality jobs in Vietnam. They hope Korean businesses will be active to make investment for the development of Ho Chi Minh.
The textile business made Hyosung into a world renowned textile company, and it is recognized around the world for its technology, customer service and quality. Today, Hyosungâ€™s textile lead the world textile industry with its spandex, polyester and nylon yarn, textiles and dyed products.
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