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Hyosung Corp likely to increase investment in Vietnam
07
May '17
Hyosung Corporation, a South Korea based textile and chemicals company, is likely to increase its investment in Vietnam, encouraged by good earnings by its Vietnamese subsidiary and a slew of measures taken by the government to attract foreign investment in the Southeast Asian nation. The company may increase its spandex and tire cord production capacity.

In fact, Hyosung’s Vietnamese subsidiary registered the best earnings among the 26 Hyosung subsidiaries, according to the information filed with Korea’s integrated financial regulator, Financial Supervisory Service. The good earnings are despite the Trump administration announcing the pull-out of the US from the 12-nation Trans-Pacific Partnership (TPP) agreement, which was expected to boost manufacturing in Vietnam.

Several Korean companies had raised their investment in Vietnamese textile sector, in order to take advantage from the TPP, which would have lowered tariffs on Vietnamese products exported to the US. However, following the US decision to not to go ahead with the TPP, these companies put a halt on their investment plans.

Meanwhile, the Vietnamese government has introduced several measures to attract foreign investment into the country. These measures and impressive performance of its subsidiary has made Hyosung to resume its investment in Vietnam, according to Korean media reports.

Hyosung is expected to increase its spandex production capacity in Vietnam to 80,000 tons from the current 50,000 tons. This would make Vietnam the largest spandex production base for Hyosung. The company is also likely to gradually increase its tire cord manufacturing capacity.

Hysoung first built its textiles and industrial materials factory in Vietnam about ten years ago. (RKS)

Fibre2Fashion News Desk – India


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