It's not yet known what the $2 billion will be used for but most likely to expand the already successful operations. Hysong is an early investor in Vietnam and ranks in the top 5% of foreign firms in terms of invested amounts and revenues.
Hyosung, a South Korean industrial powerhouse specializing in power transformers, is doubling down on Vietnam, pledging an additional $2 billion investment this year. This brings the company's total Vietnam commitment to $5.5 billion.
Hyosung entered Vietnam over two decades ago as one of the first South Korean investors in the country. Then Vietnam was considered very much a frontier market and not on investors' radars as it is today. The company has created over 9,000 jobs in Vietnam since then and created leading manufacturing hubs of industrial yarns, automotive tires, transformers and other IT products. Hyosung's vice chairman, Cho Hyun-sang, stated in 2023 that their Vietnam venture has been "one of the most profitable and effective investments."