Hyosung ramps up power infrastructure push in Vietnam

Apr 24, 2026, 09:15 am

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Cho Hyun-joon, Chairman of Hyosung Group. / Hyosung

Hyosung Group is rapidly reshaping its business portfolio in Vietnam, expanding beyond textiles into heavy industry and advanced power infrastructure as demand for electricity surges.

The move reflects long-term investments led by Chairman Cho Hyun-joon, who has poured a cumulative $4 billion into Vietnam since 2008. His early bet is now aligning with the Vietnamese government’s push to strengthen power infrastructure amid rising demand from data centers and high-tech industries.

On April 23, Hyosung Heavy Industries signed two key memorandums of understanding (MOUs) in Hanoi during the Korea-Vietnam Business Forum, partnering with Vietnam Electricity (EVN) and the Investment Promotion Center (IPC) under the Foreign Investment Agency.

A major highlight is Hyosung’s preemptive investment in production infrastructure. The company will invest $50 million to build a manufacturing line for large high-voltage motors—up to 25,000kW—at its existing plant in Dong Nai. Mass production is set to begin in February next year, with a target of generating more than $100 million in annual revenue.

Hyosung will become the first foreign company in Vietnam to carry out the full manufacturing process for high-voltage motors locally. These motors, essential for large-scale industrial equipment such as data center cooling systems, are high-value products, with the global market projected to reach $6.5 billion by 2028.

The company is also strengthening technological collaboration. Together with EVN, Hyosung will pilot its AI-based power asset management system, “ARMOUR+,” and expand the supply of STATCOM (static synchronous compensator) systems to help stabilize Vietnam’s power grid. It also pledged to provide technical training support to EVN’s equipment subsidiary, EEMC.

This expansion is seen as a strategic move to capture Vietnam’s rapidly growing power market. Under its Power Development Plan 8 (PDP8), the Vietnamese government plans to invest $136 billion in power infrastructure by 2030.

With more than 10,000 local employees and subsidiaries accounting for around 1% of Vietnam’s total exports, Hyosung aims to elevate its role in the country through its heavy industry expansion.

Chairman Cho said, “It is highly meaningful that we have successfully expanded our local business base from textiles into heavy industry. We will continue to grow together with Vietnam as a strong global partner.”

#Hyosung #Cho Hyun-joon #Vietnam #power infrastructure #high-voltage motor