Business

RoK's Hyosung to build new plant in Da Nang

HS Hyosung Quang Nam, under Hyosung Group of the Republic of Korea (RoK), has signed a land-rent contract with the Chu Lai Industrial Zone Authorities for an expansion of its investment in central Vietnam, which started with the introduction of its first plant in 2019.

A land-rent contract signing between South Korean firm HS Hyosung Quang Nam and the Chu Lai Industrial Zone Authorities on the development of a new polyester curtain fabric plant in Tam Thang Expanded Industrial Park. (Photo courtesy of Da Nang Portal)
A land-rent contract signing between South Korean firm HS Hyosung Quang Nam and the Chu Lai Industrial Zone Authorities on the development of a new polyester curtain fabric plant in Tam Thang Expanded Industrial Park. (Photo courtesy of Da Nang Portal)

Da Nang (VNS/VNA) – HS Hyosung Quang Nam plans to start construction on the polyester curtain fabric and industrial fibre production plant at the Tam Thang Expanded Industrial Park with an investment of 100 million USD in the first quarter of 2026, and expects the plant to be operational by the end of this year.

The company, under Hyosung Group of the Republic of Korea (RoK), has signed a land-rent contract with the Chu Lai Industrial Zone Authorities for an expansion of its investment in central Vietnam, which started with the introduction of its first plant in 2019.

The new plant was designed with a capacity of 6,750 tonnes of products per month, including polyester curtain fabric and nylon fabric for car airbags, made for both domestic and export markets.

In the first phase of investment, the Korean company produced high-strength industrial materials for the automotive support industry, including tyre cords, seat belt materials and airbag fabric.

HS Hyosung Quang Nam has invested more than 450 million USD since it set up a footprint in the former Quang Nam province (now merged with Da Nang city), operating two projects and creating 1,500 jobs for local residents.

Da Nang and central Vietnam are seen as a favourable destination for information and communications technology (ICT) companies from the RoK, the country's consulate general in Da Nang reported.

The RoK remains the largest foreign investor and a key partner in the city’s digital transformation and innovation plan 2025-30 in the ICT sector.

The city has been calling for investment from the RoK in ICT and high-tech industries, including semiconductors and AI, to help transform the city into a global and regional destination for innovation.

Around 250 Korean businesses are currently operating in Hue, Da Nang and Quang Ngai, while more investors from the RoK are looking at the region, according to the consulate general./.

VNA
#HS Hyosung Quang Nam #Chu Lai Industrial Zone Authorities Da Nang
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