HANOI, Jan 18 — South Korean industrial conglomerate, Hyosung Group, is seeking to invest an additional US$2 billion (RM9.4 billion) in Vietnam this year, local newspaper VnExpress reported today, citing group vice-chairman Cho Hyun-sang at the World Economic Forum in Davos.

Hyosung Group has invested US$3.5 billion establishing its presence in Vietnam’s major manufacturing hubs namely Hanoi, Ho Chi Minh City, Dong Nai and Ba Ria — Vung Tau and employed 9,000 people, according to the Vietnamese government, said the report.

"Hyosung plans to inrease total investment to US$5.5 billion this year,” Cho Hyun-sang said.

The report, however, did not state the investments would be for which fields.

The company did not immediately respond to a Reuters request for comment.

Last month, the company announced plans to invest US$720 million in a biotech fiber manufacturing plant in southern Vietnam. — Reuters