Hyosung Group, one of South Korea’s leading investors in Vietnam, is reinforcing its dedication to the country with significant expansion plans.
During a meeting with Vietnamese Deputy Prime Minister Le Minh Khai, Hyosung’s Vice Chairman and CEO, Lee Sang Woon, revealed the company’s ambitious roadmap for the future.
This development comes as Vietnam continues to be a magnet for foreign investment, owing to its stable political climate, competitive labor costs, and strategic location.
Hyosung’s Growing Presence in Vietnam
Hyosung has been an integral part of Vietnam’s economic landscape since 2007, investing over USD 4 billion across various sectors, including raw materials, textiles, chemicals, and industrial electrical systems.
The group’s confidence in Vietnam is evident, with most of its Korean factories already relocated to the country, showcasing their trust in Vietnam’s manufacturing capabilities and business environment.
Their latest venture is a USD 730 million carbon fiber factory in Ba Ria-Vung Tau province, specializing in advanced materials and environmentally friendly bio-BDO biological products.
This cutting-edge facility is touted as the most modern of its kind globally and is expected to significantly contribute to Vietnam’s high-tech manufacturing sector.
Hyosung’s expansion aligns with Vietnam’s economic aspirations, as the country aims to move up the value chain, transitioning from low-cost manufacturing to higher-value industries.

Diversifying into Biofuels and ATMs: A Strategic Decision
Hyosung’s plans don’t stop there. They are exploring opportunities in the biofuels sector, mirroring Vietnam’s focus on renewable energy and sustainable development.
Additionally, the company aims to establish a large data center in Ho Chi Minh City’s high-tech park, catering to the growing demand for digital infrastructure.
Notably, as the world’s third-largest ATM manufacturer, Hyosung seeks to invest in a factory producing ATMs in Vietnam, with government support. This move could modernize the country’s banking system and reduce its reliance on imports, while also creating jobs and strengthening economic ties between South Korea and Vietnam.
Government Support and Vietnam’s Future Prospects
Deputy Prime Minister Khai welcomed Hyosung’s continued investment and assured them of the Vietnamese government’s commitment to improving the investment environment.
He emphasized the importance of environmental protection, local collaboration, utilization of Vietnamese raw materials, and worker welfare.
This dialogue reflects Vietnam’s awareness of balancing economic development with social and environmental considerations.
Khai also acknowledged Hyosung’s interest in the banking sector, suggesting further discussions with relevant authorities to explore specific opportunities and facilitate their investments.
As Hyosung expands its presence in Vietnam, its contributions are expected to boost the country’s economy, create jobs, and drive technological advancements. With its focus on advanced materials, biofuels, and financial technology, Hyosung is well-aligned with Vietnam’s development goals, solidifying its role as a valuable partner in the country’s progress.