Vietnam says South Korea’s Hyosung to invest US$4 billion more in the country

SOUTH Korean industrial conglomerate Hyosung Group plans to invest an additional US$4 billion in Vietnam, the Vietnamese government said late on Monday (Oct 14).

Hyosung plans to invest in production of hi-tech materials, bio jet fuels, and carbon fibres, the government said in a statement, adding that it also plans to invest in data centres.

The statement came after a meeting earlier on Monday in Hanoi between Vietnamese Prime Minister Pham Minh Chinh and Hyosung chairman Cho Hyun-joon.

The government did not give a time-frame for the investment.

It said the group had already invested US$4 billion in Vietnam, creating 10,000 jobs. REUTERS