Vice Chairman Cho Hyun-sang of Hyosung Appointed as 'Korea-Vietnam Economic Cooperation Committee Chairman' by KCCI

Chairman Cho: "We Will Strive to Promote Exchange Between Vietnamese Enterprises and Policy Authorities"

The Korea Chamber of Commerce and Industry announced on the 12th that it has appointed Cho Hyun-sang, Vice Chairman of Hyosung, as the new chairman of the Korea-Vietnam Economic Cooperation Committee.

The Korea-Vietnam Economic Cooperation Committee was jointly established by the Korea Chamber of Commerce and Industry and the Vietnam Chamber of Commerce and Industry immediately after the establishment of diplomatic relations between the two countries in 1992 to promote exchanges and expand mutual investment and trade opportunities. Over the past 30 years, the committee has contributed to promoting and revitalizing private economic cooperation between the two countries by serving as a communication channel between private companies and governments through joint meetings involving businesspeople from both countries, mutual visits of delegations, and exchanges of key personnel.

Vice Chairman Hyo-sang Cho of Hyosung. [Photo by Hyosung]

Vietnam ranked as South Korea's third largest trading partner in 2023, following 2022, and South Korea is also the largest investor in Vietnam. Currently, over 8,800 Korean companies have entered the Vietnamese market, making economic cooperation between the two countries increasingly important.

Hyosung entered Vietnam in 2007, investing a total of 3.6 billion USD (approximately 4.8 trillion KRW) and operates nine local subsidiaries. It produces tire cords, spandex, polypropylene, ATM machines, and more across Vietnam, including Hanoi, Quang Nam Province, Ho Chi Minh City, and Ba Ria-Vung Tau Province, playing a significant role in expanding Vietnam's exports and creating employment. Recently, it has also been promoting the construction of a carbon fiber factory.

New Chairman Cho Hyun-sang stated, "The Korean Wave is growing in Vietnam, and private exchanges are becoming more active, with one out of every three tourists visiting Vietnam last year being Korean. Vietnam, which is emerging as a hub of the global supply chain, is forming a mutually complementary economic community with South Korea."

He added, "The Korea-Vietnam Economic Cooperation Committee will promote broad exchanges with companies operating in Vietnam and policy authorities to strengthen the business partnership between the two countries and continuously optimize future cooperation directions."

This content was produced with the assistance of AI translation services.