Korean Companies in Southeast Asia — 2026-09-07
Vietnam and South Korea have set an ambitious bilateral trade target of $150 billion by 2030, following high-level parliamentary talks in Seoul. Concurrently, JB Financial Group secured regulatory approval to enter the Indonesian market, signaling a new wave of Korean financial expansion into Southeast Asia's EV sector. These developments underscore the deepening strategic partnership between Seoul and ASEAN, moving beyond traditional manufacturing into finance and high-value trade.
Korean Companies in Southeast Asia — 2026-09-07
Top developments
Vietnam–South Korea Parliamentary Talks Set $150B Trade Goal
On September 7, 2026, Vietnamese National Assembly Chairman Trần Thanh Mẫn met with his South Korean counterpart Cho Jeong Sik in Seoul. The two leaders discussed efforts to raise bilateral trade turnover to $150 billion by 2030, up from the current trajectory of over $70 billion in the first seven months of 2026 alone. This target reflects the growing integration of Korean supply chains in Vietnam, particularly in electronics and manufacturing, and signals a strategic push to diversify trade beyond traditional goods into services and technology transfer.
JB Financial Group Enters Indonesia with EV Finance Focus
JB Financial Group announced on September 7, 2026, that it has received regulatory approval to acquire a majority stake in an Indonesian finance company. This move marks the group's formal entry into the Indonesian market, with a specific strategic focus on electric vehicle (EV) financing. By targeting the EV sector, JB Financial aims to capitalize on Indonesia’s growing adoption of electric vehicles and its position as a key hub for Korean battery manufacturers like LG Energy Solution and SK On, creating a vertically integrated financial ecosystem for Korean industrial players in the region.
Samsung Advances $4.08 Billion Chip Plant in Vietnam
Reports emerging around September 2–7, 2026, indicate that Samsung Electronics is progressing with its $4.08 billion semiconductor assembly plant in Bac Ninh, Vietnam. The facility is expected to become operational next year (2027), marking a significant step in Vietnam's ambition to move up the value chain from simple assembly to advanced chip packaging and testing. This development reinforces Vietnam's status as a critical node in the global semiconductor supply chain, reducing reliance on other Asian hubs and offering Korean tech giants a stable, cost-effective alternative for backend manufacturing processes.
Deals, expansion & investment
No major new corporate-level M&A or plant announcements were reported specifically within the last 24 hours beyond the JB Financial entry and Samsung's ongoing project updates. However, the broader context includes continued momentum in Korean FDI into Vietnam, which has seen record inflows in early 2026, driven largely by electronics and manufacturing sectors seeking to diversify away from China.
Regulation & market context
Vietnam-Korea Trade Momentum: Bilateral trade between Vietnam and South Korea reached $70.5 billion in the first seven months of 2026, a 41% year-on-year increase. This surge is driven by strong exports of Vietnamese electronics and components to Korea, and Korean machinery and raw materials flowing into Vietnam. The regulatory environment remains favorable, with both governments actively promoting trade facilitation measures to support this growth.
Indonesian Investment Climate: Indonesia continues to attract Korean investment through strategic partnerships in critical minerals and EVs. The government has been actively promoting "downstreaming" policies, requiring raw materials like nickel to be processed domestically before export, which aligns with the strategies of Korean battery makers who have already invested heavily in Indonesian smelters and battery plants.
On the radar
- Samsung Chip Plant Operational Date: Watch for official confirmation on the exact operational start date of the Bac Ninh chip assembly plant in early 2027, as well as any further capacity expansions announced by Samsung Electronics.
- JB Financial Integration: Monitor how quickly JB Financial integrates its new Indonesian subsidiary and whether they launch specific EV loan products for Hyundai or Kia vehicles, which could set a precedent for other Korean financial institutions.
- Trade Negotiations: Following the September 7 parliamentary meeting, look for follow-up ministerial-level talks between Vietnam and South Korea to detail specific tariff reductions or regulatory harmonizations needed to hit the $150 billion trade target.
By the numbers
- $150 Billion: The new bilateral trade target set by Vietnam and South Korea for 2030.
- $70.5 Billion: Total bilateral trade volume between Vietnam and South Korea in the first seven months of 2026, representing a 41% year-on-year increase.
- $4.08 Billion: Investment value of Samsung's semiconductor assembly plant in Vietnam, expected to be operational in 2027.
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