On January 17, at an event discussing investment opportunities in Vietnam chaired by Prime Minister Pham Minh Chinh on the sidelines of the 54th Annual Meeting of the World Economic Forum (WEF) in Davos, Switzerland, Mr. Cho Hyun-sang, Vice Chairman of the Hyosung Group, announced that it plans to boost its investment in the country by $2 billion this year.

He noted that its investment in Vietnam has been among its most effective, and the new capital will bring its total in Vietnam to $5.5 billion.

He also highlighted Vietnam’s strengths, including the strong and effective leadership of the government, the active support of local authorities, and the hard-working and serious spirit of the Vietnamese people.

Founded in 1962, Hyosung is the leading South Korean corporation in manufacturing electrical transformers. It has secured a strong footprint in major manufacturing hubs in Vietnam, such as Hanoi, Ho Chi Minh City, and southern Dong Nai and Ba Ria-Vung Tau provinces.

Last June, Chairman Cho Hyun Joo said Hyosung considers Vietnam a strategic market, and the group will not only scale up its operations but also hopes to turn Vietnam into a sustainable investment destination.

“We look forward to setting up the company’s future for the next 100 years in Vietnam,” he said. “We want to promote the development of large high-tech projects while expanding into the field of information technology. Hyosung also plans to recruit 10,000 more workers in the country.”