On April 23, Hyosung Heavy Industries signed a memorandum of understanding with Vietnam Electricity (EVN) for power asset management, power grid stabilization, and strengthening technological capabilities at the Korea-Vietnam Business Forum held at JW Marriott Hotel in Hanoi.
In Vietnam, electricity demand is soaring due to continuous economic growth, industrialization, and the proliferation of data centers and high-tech industries.
Securing power grid stability in response to the expansion of renewable energy has emerged as a major challenge.
Through the 8th Power Development Plan (PDP8), the Vietnamese government plans to expand total power production to 221 GW by 2030 and invest approximately $136 billion in power source development and transmission network construction.
Accordingly, Hyosung Heavy Industries plans to cooperate in three areas.
The three are the pilot application of an AI-based power asset management solution (ARMOUR+), the stability of Vietnam’s power grid through the expanded adoption of static synchronous compensators (STATCOMs) and support for technical education and training to strengthen the design and manufacturing capabilities of EEMC, a power equipment subsidiary of EVN.
On the same day, Hyosung Heavy Industries also inked an MOU with the Investment Promotion, Information and Support Center (IPC) of the Vietnamese government to support investment in the construction of Vietnam’s first high-voltage motor factory.
Under this agreement, Hyosung Heavy Industries will invest approximately $50 million to establish a production base at the site of its Vina Electric Power Plant in Dong Nai Province of Vietnam with an annual revenue of $100 million.
Equipped with production facilities for 25,000kW high-voltage motors used in nuclear power plants and other applications, the company plans to begin mass production in February 2027.
The IPC will support the entire process of factory construction, ranging from providing site information to assisting with licensing and administrative support, and consulting with relevant agencies.
Hyosung Heavy Industries has been building a low-voltage motor production base and local supply chain since 2015 by investing approximately $42 million.
With the establishment of this new high-voltage motor factory, the company is expanding its motor business portfolio and, for the first time among foreign companies in Vietnam, will carry out the entire high-voltage motor production process in Vietnam.
Since entering Vietnam in 2008, Hyosung has invested approximately $4 billion across all business sectors to establish six production bases throughout the country and employs over 10,000 local employees.
The amount of the investment is the third-largest among Korean companies which invested in Vietnam. Sales of Hyosung’s local subsidiary approaches 1% of Vietnam’s total exports.
Based on these large-scale investments, Hyosung has contributed to Vietnam's economic growth while expanding its global supply chain and growth foundation.
“These agreements signify that Hyosung is expanding its business base in Vietnam from textiles to the heavy industry sector,” Hyosung Chairman Cho Hyun-joon said.
“Hyosung will grow together with Vietnam as its global partner.”
Showcase of AI Data Center Power Grids for Future in US
Hyosung Heavy Industries announced on April 30 that it will participate in IEEE PES T&D 2026 which will run in Chicago, Illinois from May 4 to 7.
At the exhibition, held under the theme of ‘Powering Reliability, Engineering Resilience,’ Hyosung Heavy Industries will present optimal solutions that bridge the present and future of power grids.
Key exhibited products include the world’s largest capacity 800kV 7000A GCB (gas insulated circuit breaker); SST (semiconductor transformer), a core power solution for next-generation data centers; a voltage-type high voltage direct current transmission system which the company developed on its own and for the first time in Korea; and STATCOMs which enhances power stability for data centers and renewable energy.
The 800kV 7000A GCB which will be shown as an actual product at this exhibition is a specialized model for export to the United States. Development was completed in March.
Through design optimization, it succeeded in stably handling a massive current of 7000A while maintaining the same size as a 5000A-capacity product.
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