Hyosung Vietnam expands business operations

(VOV) - Fibre producer Hyosung Vietnam Limited Company is to pump another US$600 million in the southern province of Dong Nai with the purpose of expanding its business activities. 

The company's CEO Sun Hyung Yoo said in preparation for the expansion, the firm has signed a lease agreement with the Vietnam Urban and Industrial Zone Development Investment Corporation (IDICO) to rent another 22.6 hectares in the Nhon Trach 5 industrial zone, increasing the total area of its operations to 90.6 hectares in the province.

Hyosung Vietnam is a subsidiary of the Korean firm Hyosung Corp.

It produces fibres of all types, and has been operating in Dong Nai for more than 7 years, with a total registered investment of US$995 million.

90 percent of its products are exported. With last year’s revenue of more than US$1 billion, the company created its own specific niche in the Hyosung Corporation.

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