Hyosung Corporation, a conglomerate of the Republic of Korea (RoK), will invest an additional 600 million USD to expand their business in southern Dong Nai province this year, says Executive Director of Hyosung Vietnam Ltd Co. Yoo Sun Hyung.

In preparation for the expansion, Hyosung Vietnam has signed a lease with Vietnam Urban and Industrial Zone Development Investment Corporation (IDICO) on an extra 22.6 hectares of land in Nhon Trach 5 Industrial Zone, bringing its total area up to 90.6 hectares.

Hyosung Vietnam Ltd Co. has been operating in Dong Nai for over 7 years with a total registered investment of 995 million USD.

Around 90 percent of its products, mostly fibres of all kinds, are exported worldwide and its tire cord fibres represent 47 percent of the global market share.

In 2014, the company generated over 1 billion USD in revenue.-VNA