Korean Companies in Southeast Asia — 2026-10-23
Recent developments highlight a strategic pivot for Korean firms in Southeast Asia, with SK-affiliated components manufacturers injecting over $62 million into Vietnam’s Phu Tho province and Korean financial firm Finda securing regulatory approval to acquire Daewon Savings Bank. Concurrently, Vietnam’s Thanh Hoa province is actively courting Korean investors by leveraging its $16.1 billion FDI infrastructure, while Chinese manufacturers continue to shift operations to Thailand to mitigate tariff risks.
Korean Companies in Southeast Asia — 2026-10-23
SK-Affiliated Components Makers Expand in Vietnam
Two South Korean component companies, one of which is affiliated with the SK Group, have committed an additional investment of over $62 million in Phu Tho province, Vietnam. This capital injection underscores the continued deepening of Korean manufacturing supply chains in Northern Vietnam, specifically targeting the electronics and components sector. The move follows broader trends of Korean firms reinforcing their industrial footprint in Vietnam to support export-oriented production.
Finda Acquires Daewon Savings Bank in Historic Fintech Move
Korean fintech company Finda has received approval from financial authorities to acquire Daewon Savings Bank, marking the first time a Korean fintech firm has acquired a savings bank. This acquisition signifies a major shift in the Korean financial sector, allowing Finda to transition from a loan brokerage platform to a direct banking service provider. While this deal is domestic, it reflects the aggressive expansion strategies of Korean financial firms that are increasingly looking outward, as evidenced by recent M&A activities in Southeast Asia.
Thanh Hoa Province Targets Korean Investors with $16.1 Billion FDI Base
Vietnam’s Thanh Hoa province is actively launching initiatives to attract Korean corporate investment, leveraging its existing $16.1 billion in Foreign Direct Investment (FDI) as a competitive advantage. The province aims to capitalize on its established industrial zones and infrastructure to secure new Korean projects, particularly in manufacturing and logistics. This proactive outreach highlights the intense competition among Vietnamese provinces to secure high-value Korean capital.
Chinese Firms Shift to Thailand, Altering Regional Dynamics
Korean media reports indicate that Chinese manufacturers are accelerating their expansion into Thailand to circumvent US tariffs and geopolitical risks, with approved investment values in the first half of 2026 reaching 1.9 trillion won. This trend creates a complex competitive landscape for Korean companies operating in Thailand, as they face increased rivalry from Chinese firms in the same industrial parks and supply chains. The shift underscores the "China Plus One" strategy's evolution, where Southeast Asia becomes a primary hub for Chinese export diversion.
Deals, expansion & investment
Vietnam:
- SK Group Affiliates: As noted above, SK-affiliated component makers added $62 million to their investments in Phu Tho, reinforcing the electronics supply chain cluster in Northern Vietnam.
- CNCTech & Phu Tho: In Seoul, CNCTech collaborated with the Phu Tho Provincial Center for Investment Promotion to host the Korea-Vietnam Industrial Cooperation Forum 2026, connecting over 100 Korean semiconductor and high-tech firms with Vietnamese opportunities.
Thailand:
- Competitive Pressure: The influx of Chinese capital, valued at 1.9 trillion won in H1 2026, is intensifying competition for land and labor in Thai industrial zones, potentially raising costs for Korean manufacturers already established there.
Regulation & market context
Korea:
- Fintech Deregulation: The approval of Finda’s acquisition of Daewon Savings Bank represents a significant regulatory shift, allowing tech-driven financial services firms to own traditional banking licenses. This could pave the way for further consolidation and digital transformation within the Korean financial sector, with potential future implications for how Korean banks operate in Southeast Asian markets.
Vietnam:
- Industrial Upgrading: The Vietnam Manufacturing Tracker highlights ongoing policy updates aimed at supporting foreign investors, with a focus on moving beyond low-cost assembly toward higher-value manufacturing. This aligns with the strategic goals of major Korean conglomerates like Samsung and LG, which are increasingly focusing on advanced electronics and semiconductor testing in Vietnam.
On the radar
- Vietnam National Brand Awards: The Korean-Vietnamese joint venture "Viet Han" company was honored with two products receiving the "National Brand of Vietnam 2026" designation, signaling strong local acceptance and brand integration of Korean-influenced manufacturing.
- Textile & Fabric Expo: The HanoiTex & HanoiFabric 2026 exhibition, which opened on October 21, is focusing on localization and green technology. Korean textile and apparel firms are key participants, exploring opportunities in Vietnam’s growing domestic supply chain for raw materials.
By the numbers
- $62 million: Additional investment by SK-affiliated Korean component companies in Phu Tho, Vietnam.
- 1.9 trillion won: Value of Chinese investments approved in Thailand in H1 2026, impacting regional competition for Korean firms.
- $16.1 billion: Existing FDI base in Thanh Hoa province, Vietnam, which is being marketed to attract new Korean investors.
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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