Korean Companies in Southeast Asia — 2026-09-12
Korean corporate expansion in Southeast Asia continues to accelerate, with HD Hyundai Heavy Industries announcing a massive KRW 834 billion investment in new power generation engine facilities. Meanwhile, JB Financial Group has secured regulatory approval for a key acquisition in Indonesia, and trade volumes between Vietnam and South Korea surged by 41% in the first seven months of 2026.
Korean Companies in Southeast Asia — 2026-09-12
Top developments
HD Hyundai Heavy Industries
HD Hyundai Heavy Industries has announced an investment of KRW 834 billion (approximately $600 million) to build a new production facility for power generation engines. The facility, located in Ulsan, is part of a broader KRW 1 trillion strategy that includes dedicated manufacturing for Small Modular Reactor (SMR) equipment, targeting full-scale operations by 2028. This move signals a strategic pivot toward high-value energy infrastructure, positioning the company to meet growing global demand for SMRs and large-bore engines, which are increasingly relevant for Southeast Asian energy grids
JB Financial Group
JB Financial Group has received approval from Indonesian financial regulators to acquire KB Bukopin Finance, a local credit finance company. This acquisition allows JB Financial to extend its footprint in Southeast Asia’s consumer finance sector, a critical growth area given the region's young, unbanked population. The move reflects a broader trend of Korean financial institutions seeking stable returns in ASEAN markets through localized lending and credit services
Vietnam-South Korea Trade
Total import-export turnover between Vietnam and South Korea reached USD 70.5 billion in the first seven months of 2026, representing a 41% increase compared to the same period in 2025. This significant surge highlights the deepening economic integration between the two nations, driven by robust manufacturing supply chains and increasing demand for Korean components and Vietnamese finished goods
KEPCO and Petrovietnam
South Korea’s Korea Electric Power Corporation (KEPCO) has expressed strong interest in partnering with Vietnam’s Petrovietnam on the Ninh Thuận 2 nuclear power plant project. With site clearance progress reaching approximately 97.5%, the collaboration could see KEPCO providing technical expertise and operational support, marking a potential major entry for Korean firms into Vietnam’s nascent nuclear energy sector
Deals, expansion & investment
JB Financial Group Acquires KB Bukopin Finance JB Financial Group’s acquisition of KB Bukopin Finance in Indonesia was finalized with regulatory approval, marking a significant step in Korean banking expansion into the Indonesian consumer finance market. This deal underscores the strategy of Korean financial groups to diversify their overseas assets beyond traditional banking into higher-yield credit sectors
HD Hyundai’s Ulsan Facility Expansion HD Hyundai Heavy Industries is proceeding with the construction of a new 3 GW power generation engine production facility in Ulsan. While located in Korea, this capacity expansion is designed to serve global markets, including Southeast Asia, where demand for reliable power infrastructure is rising. The project is part of a larger KRW 1 trillion investment plan that also includes SMR equipment manufacturing
Regulation & market context
Thailand’s Business Recovery As of August 31, 2026, Thailand had over 1 million active legal entities with total registered capital of THB 24.13 trillion. The service sector accounted for the largest share (54.48%), followed by wholesale and retail (32.79%). This gradual recovery in business activity creates a more favorable environment for Korean investors looking to expand their service and retail footprints in Thailand
On the radar
- Nuclear Energy Partnerships: Watch for further developments in the KEPCO-Petrovietnam discussions regarding the Ninh Thuận 2 nuclear plant, which could lead to formal contracts or technology transfer agreements.
- SMR Market Growth: HD Hyundai’s focus on Small Modular Reactors positions it as a key player in the global energy transition; announcements regarding pilot projects or export deals to ASEAN nations are likely.
- Vietnam-Korea FTA Utilization: With trade volumes surging, businesses may seek more information on how to leverage the Vietnam-Korea Free Trade Agreement (VKFTA) and updated customs procedures to reduce costs.
By the numbers
- USD 70.5 billion: Total import-export turnover between Vietnam and South Korea in the first 7 months of 2026, up 41% year-on-year
- KRW 834 billion: Investment by HD Hyundai Heavy Industries in a new power generation engine production facility
- 97.5%: Progress of site clearance for the Ninh Thuận 2 nuclear power plant in Vietnam, facilitating potential KEPCO involvement
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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