Korean Hyosung to invest in Vietnam’s transformer manufacturing

Vietnam, Hanoi: Korean Hyosung Group is planning to invest in electricity projects in Vietnam as well as Vietnam’s power transformer manufacturing, reports VNA.

At a high-level meeting with Vietnam’s government in Hanoi, Chairman of the Hyosung Group Cho Hyun-joon said the group wants to partner with and transfer technologies to Vietnamese manufacturers of power transformers, and help Vietnam to become an exporter of the product.

Prime Minister of Vietnam, Nguyen Xuan Phuc, suggested Hyosung to join as a strategic investor of a Vietnam’s power transformer factory, promising to create favourable conditions for Korean firms in Vietnam.

Cho said the Hyosung Group is striving to bring its total investment in Vietnam up to $6 billion, adding that the group is planning to invest in electricity projects in Vietnam, particularly by supplying high voltage power transformers which are sought after in the country.

Source: VNA