Hyosung Heavy Industries is stepping up its presence in Vietnam’s fast-growing power market, combining grid technology partnerships with new local manufacturing investments.
The company announced that it signed a memorandum of understanding (MOU) with Vietnam Electricity (EVN) on April 23 in Hanoi during the Korea–Vietnam Business Forum to cooperate on upgrading the country’s power grid.
The agreement includes a pilot application of “ARMOUR+,” an AI-based power asset management solution, as well as expanded deployment of STATCOM systems and technical support to enhance the design and manufacturing capabilities of power equipment. The initiative is aimed at improving efficiency and stability in Vietnam’s electricity infrastructure as demand continues to rise.
On the same day, Hyosung also signed a separate agreement with a local investment authority to build a high-voltage motor manufacturing plant. The company plans to invest approximately $50 million to establish a production base in Dong Nai Province with annual revenue capacity of about $100 million, targeting mass production from February next year.
The new facility will produce high-voltage motors with output of up to 25,000 kW, used in nuclear power plants and large-scale industrial systems. Demand for such equipment is increasing rapidly, driven by the expansion of data center cooling systems and renewable energy infrastructure.
Vietnam has emerged as a key growth market where industrialization, data center expansion, and renewable energy development are converging to drive a sharp increase in electricity demand. The government’s Power Development Plan 8 (PDP8) calls for significant expansion of generation capacity and large-scale investment in transmission networks by 2030.
Hyosung is pursuing a dual strategy of strengthening grid technology cooperation while building local production capabilities to secure early market positioning. Since entering Vietnam in 2008, the company has invested approximately $4 billion, established six production bases, and created more than 10,000 local jobs.
Cho Hyun-joon said the latest initiatives would further expand the company’s heavy industries footprint in Vietnam, adding that Hyosung aims to create sustained growth opportunities by reinforcing both power infrastructure and manufacturing capacity.
