Chairman Cho Hyun-joon leads Hyosung’s global expansion
Since Cho Hyun-joon became chairman of Hyosung in 2017, he has spearheaded efforts to expand the Seoul-based conglomerate’s business horizon in overseas markets.
Over the past few months, the businessman seems to have accelerated his endeavors to tap into global markets. Hyosung is one of Korea’s top-tier business groups that operates in such fields as chemicals, machinery, IT, trade, and construction.
On June 25, Chairman Cho signed a memorandum of understanding with Saudi Aramco CEO Amin H. Nasser in Seoul for collaboration in carbon fibers. Saudi Aramco is Saudi Arabia’s global petrochemical company.
Under the MOU, the two sides will positively look into the commercial viability of building carbon fiber plants in Saudi Arabia and Korea based on bilateral cooperation in developing related technology.
Hyosung has a competitive edge in the sector as it developed a production method for carbon fibers in 2011, the first feat among Korean firms. It has also run a carbon fiber plant with an annual capacity of 2,000 tons here, while another is currently under construction.
Carbon fibers are a promising material as they are four times lighter and 10 times stronger than steel.
“I look forward to seeing carbon fiber and other new businesses grow down the road through the combination of Saudi Aramco’s management know-how and Hyosung’s proprietary technology,” Chairman Cho said.
Meeting with Vietnamese Deputy PM
Vietnam is critical to Hyosung as our global manufacturing base where all of our core products are being produced,” Chairman Cho said, “I hope we will keep up our friendly relationship and strengthen our cooperation.
On June 19, the entrepreneur who studied at Yale and Keio universities met with Vietnam’s Deputy Prime Minister Vuong Dinh Hue in Seoul and promised two-way cooperation.
The meeting with the deputy prime minister, who masterminds Vietnam’s economic policies, was significant because Hyosung is running a number of business operations in the southeastern Asian country.
Plus, the group is currently building two plants in Vietnam – a PP factory in Ba Ria-Vung Tau Province and a tire cord facility in Quang Nam Province.
Against this backdrop, Chairman Cho also met with Vietnamese Prime Minister Nguyen Xuan Phuc in 2016 and 2018 to ask for his country’s support.
“Vietnam is critical to Hyosung as our global manufacturing base where all of our core products are being produced,” Chairman Cho said, “I hope we will keep up our friendly relationship and strengthen our cooperation.”
Deputy Prime Minister Hue responded positively.
“Hyosung is one of the largest investors in Vietnam. I will actively support its project to build a PP plant in the southern province of Ba Ria-Vung Tau and a tire cord plant in the central province of Quang Nam,” he said.