Hyosung plans data centre in Ho Chi Minh City

The information was shared by Lee Sang Woon, co-vice chairman and COO of Hyosung Corporation, at a meeting with Deputy Prime Minister Le Minh Khai on May 10.

Accordingly, Hyosung plans to build a data centre in SHTP to tap into the growing demand for digital infrastructure in the region.

Vietnam is currently home to 32 small- and medium-sized data centres. Among them, there are four major local suppliers, namely Viettel, VNPT, FPT, and CMC, which account for 97 per cent of the market share.

Vietnam's data centre market remains smaller than that of regional peers like Singapore, Indonesia, Malaysia, Thailand, and the Philippines.

However, Vietnam is one of the world's ten largest emerging data centre markets. According to Research and Markets, the data centre market in Vietnam is forecast to reach $1 billion by 2028, with a compound annual growth rate of nearly 11 per cent.

At the meeting, Woon added that Hyosung, the world's third-largest ATM manufacturer, is looking to invest in a factory manufacturing ATMs in Vietnam.

In response, DPM Khai said the government is focused on improving the investment climate and creating stronger conditions for the groups.

He proposed that Hyosung pay attention to protecting the environment, enhancing linkages with local companies, using locally-made materials, and ensuring employee welfare.

Vietnam has attracted 10,000 projects from South Korean companies, with total registered capital of $87 billion. Among them, Hyosung is the third-largest South Korean investor in Vietnam, trailing behind Samsung and LG. Since 2007, the corporation has invested $4 billion in Vietnam, including in raw materials, textiles, chemicals, and industrial electrical systems. Most of the corporation's South Korean-based factories have been relocated to Vietnam.

In March, Hyosung TNC also received investment approval for the Hyosung BDO project from Ba Ria-Vung Tau People's Committee to build the largest bio-spandex factory in Vietnam.

Hyosung Group, a South Korean industrial conglomerate, has announced plans to invest $720 million in a biotech fiber manufacturing plant in Vietnam.

South Korean industrial conglomerate Hyosung Group has just unveiled its intention to inject an additional investment of $2 billion into Vietnam in 2024.

On March 30, Hyosung TNC received investment approval for the Hyosung BDO project from Ba Ria-Vung Tau People's Committee as part of its efforts to build the largest bio-spandex factory in Vietnam.