Doosan Boosts EV Material Production in Vietnam: Expanding Partnership With Hai Duong

South Korean conglomerate Doosan Group intensifies its EV material production in Vietnam through strategic cooperation with Hai Duong, an industrial hub in Hanoi, leveraging its advanced electronic production techniques to explore new business opportunities.

The new businesses that Doosan is exploring in Vietnam are based on its production techniques for advanced electronic materials. As per The Korea Herald, although the team-up was only revealed on Sunday, June 25, Doosan and Hai Duong City actually signed the memorandum of understanding last week.

The signing took place in Hanoi, and it was attended by officials of Doosan and the local government. The event happened in the region as part of the celebration of the state visit of South Korea's President Yoon Suk Yeol and those who were present are Lee Chang Yang, the Minister of Industry, Trade and Energy; Yoo Seung Woo, Doosan Corp. chief executive officer of Electro-Materials BG; and Trieu The Hung, the director at Hai Duong, The Korea Times reported.

At any rate, while Doosan will also look into other potential businesses, the main focus of the MOU with Hai Duong is electronic materials. Both sides agreed that Doosan would increase the production capacity of its patterned flat cable (PFC) factory in Hai Duong. The change is expected to boost the local economy; thus, the city government also promised to provide different incentives as the business operates, including some tax cuts.

"We could manage to establish the production line in Vietnam thanks to our local employees sticking together at a time we were struggling with the COVID-19 situation which broke out right after founding our corporation in Vietnam," Doosan's Electro Materials' president and CEO said in a statement. "Expecting high growth in the next-generation mobility sector, we will secure the business competitiveness in PFCs with Hai Duong City."

Photo by: Doosan Media Center