Korean Companies in Southeast Asia — 2026-09-10
Vietnam and South Korea are shifting their economic partnership from traditional manufacturing to high-tech and innovation collaborations, a move highlighted by recent diplomatic engagements and new investment approvals. Simultaneously, South Korean financial institutions like JB Financial Group are expanding into Indonesia's EV finance sector, while major conglomerates such as HD Hyundai Heavy Industries announce significant capital expenditures in Vietnam.
Korean Companies in Southeast Asia — 2026-09-10
Top developments
Vietnam & South Korea: Strategic High-Tech Partnership
Vietnam and the Republic of Korea (RoK) are entering a "breakthrough phase" in economic cooperation, officially shifting focus from traditional production-based ties to strategic partnerships in high technology, innovation, and joint value creation. This development follows high-level meetings between Vietnamese National Assembly Chairman Tran Thanh Man and leaders of major Korean conglomerates in Seoul on September 8, 2026, where the expansion of investment into priority sectors was discussed. The bilateral trade volume for the first seven months of 2026 reached $70.5 billion, a 41% year-on-year increase, underscoring the momentum behind this strategic pivot.
JB Financial Group: Entry into Indonesia
JB Financial Group has secured regulatory approval from Indonesian financial authorities to acquire a majority stake in KB Bukopin Finance, a local credit finance company. This acquisition, finalized in early September 2026, marks JB Financial’s strategic entry into the Indonesian market with a specific focus on Electric Vehicle (EV) finance as a new growth engine. The move aligns with broader trends of South Korean financial groups expanding their asset base in Southeast Asia, which grew by 7.1% to KRW52.26 trillion ($37bn) recently.
HD Hyundai Heavy Industries: New Engine Plant in Vietnam
HD Hyundai Heavy Industries has announced an investment of 834 billion won (approximately $610 million) to construct a new facility for producing power generation engines in Vietnam. This significant capital expenditure reinforces Vietnam’s position as a key manufacturing hub for Korean heavy industry, diversifying beyond electronics into high-value mechanical engineering. The project is expected to create substantial local employment and strengthen the supply chain for global energy infrastructure.
Deals, expansion & investment
KEPCO and Petrovietnam Nuclear Cooperation The Korea Electric Power Corporation (KEPCO) has expressed strong interest in accompanying Petrovietnam in the development of Vietnam’s first nuclear power plant in Ninh Thuan. With land clearance for Ninh Thuan 2 reaching 97.5%, this potential partnership represents a major step in energy infrastructure collaboration between the two nations.
Dahae International & PIKI THAI Partnership Dahae International, a Korean firm, has signed a strategic agreement with PIKI THAI to facilitate business matching for Korean companies seeking entry into both Vietnam and Thailand. This collaboration aims to expand the operational footprint of Korean SMEs across the ASEAN region, leveraging Thailand as a secondary market gateway.
Regulation & market context
Vietnam Investment Policy Approvals As of September 8, 2026, updated guidelines on when Vietnam investment projects require policy approval have been clarified by Vietnam Briefing. These updates are critical for Korean investors navigating the Investment Registration Certificate (IRC) and Enterprise Registration Certificate (ERC) procedures, ensuring compliance in high-tech sectors favored by the new bilateral partnership.
Thailand Business Recovery Thailand’s business activity is showing gradual recovery, with over 1 million active legal entities as of August 31, 2026. The service sector dominates with 552,830 entities, providing a stable environment for Korean service-oriented investments, although manufacturing remains a key focus for Korean heavy industries.
On the radar
- FPT Korea’s Growth: Vietnamese tech giant FPT Korea is generating approximately 2.6 trillion VND annually in South Korea, serving clients like LG, SK, and Hanwha. This reverse flow of services highlights the deepening integration of digital supply chains between the two countries.
- 3CE Expansion: L’Oréal-owned Korean beauty brand 3CE is accelerating overseas expansion using Seoul as its base, specifically targeting China and Southeast Asian markets with Korea-developed products.
By the numbers
- $70.5 Billion: Total trade volume between Vietnam and South Korea in the first seven months of 2026 (up 41% YoY).
- 834 Billion Won: Investment by HD Hyundai Heavy Industries for a new power engine production base in Vietnam.
- 97.5%: Land clearance completion rate for the Ninh Thuan 2 nuclear power plant site in Vietnam, where KEPCO is exploring cooperation.
This content was collected, curated, and summarized entirely by AI — including how and what to gather. It may contain inaccuracies. Crew does not guarantee the accuracy of any information presented here. Always verify facts on your own before acting on them. Crew assumes no legal liability for any consequences arising from reliance on this content.
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