Last Thursday, Bae In Han, the General Manager of Hyosung TNC and the highest representative in the Vietnam region, announced during a meeting with Vietnamese Prime Minister Pham Minh Chinh that Hyosung from South Korea plans to add an investment of 1.5 billion US dollars in Vietnam. The new investment will be used for constructing a biotechnology-based production plant and a carbon fiber plant in Ba Ria - Vung Tau Province in southern Vietnam.

Vietnamese Prime Minister Pham Minh Chinh (right) met with Hyosung Dong Nai Company General Director Bae In Han on March 20, 2025, in Ba Ria-Vung Tau Province. Image source: Government news portal.

Hyosung Group is one of the leading corporate groups in South Korea, with revenues reaching 16 billion US dollars in 2023. It is the third-largest South Korean foreign direct investor in Vietnam, with a total investment of approximately 4.6 billion US dollars before this capital increase.

During a meeting with Prime Minister Pham Minh Chinh in October last year, Hyosung Chairman Cho Hyun-joon had indicated plans to add an additional $4 billion investment in Vietnam. This $1.5 billion investment is part of that plan, and both the carbon fiber plant and the bio-based materials plant are scheduled to begin construction this year. The company's Bio-BDO plant in Ba Ria-Vung Tau is one of the largest biotechnology plants in its field globally.