Hyosung Group Chairman Cho Hyun-joon met with Vietnamese Prime Minister Pham Minh Chinh in Hanoi on Monday, seeking government support for the chemical, textile and construction conglomerate’s new business ventures in Vietnam.

The meeting focused on Hyosung’s ongoing investments and potential expansion into environmentally friendly and high-tech sectors, the group said Tuesday. Hyosung executives, including Vice Chairman Lee Sang-woon, and senior Vietnamese officials were also in attendance.

“As Prime Minister Pham Minh Chinh mentioned during his visit to South Korea, there is a strong need for cooperation between our countries in securing supply chains, addressing climate change and transitioning to a digital economy. Hyosung is committed to further investments that will contribute to Vietnam’s development over the next century,” Cho said.

Cho specifically reaffirmed the company’s dedication to Vietnam’s economic growth, particularly through additional investments in emerging sectors such as bio-based butanediol (bio-BDO), sustainable aviation fuel and data centers. He also shared Hyosung’s achievements in Vietnam since entering the market in 2007, where it now generates an annual revenue of some $3.7 billion.

In response, Pham echoed a similar sentiment, recognizing Hyosung's efforts in the country. “Hyosung has demonstrated effective corporate investment and social responsibility in Vietnam. We value the company’s contributions to our economy and will provide full support for its future projects,” he said.

Since 2007, Hyosung has invested approximately $4 billion in Vietnam, covering the group's core businesses such as spandex, industrial equipment, chemicals and information technology, while also expanding into future business initiatives like bio-BDO and data centers.