South Korea’s second-largest conglomerate pivots from financial holdings to long-term strategic projects in Thanh Hoa and Nghe An, signaling renewed confidence in Vietnam’s green and digital economy.
HANOI — Following its recent divestments from Masan Group and Vingroup, South Korea’s SK Group — valued at $270 billion and ranked among the world’s top 100 conglomerates — is preparing a new wave of direct investments in clean energy and high-tech infrastructure projects in Vietnam’s central provinces of Thanh Hoa and Nghe An, according to a report by the Ministry of Finance submitted to Deputy Prime Minister Nguyen Chi Dung.
The report confirms that SK, one of Asia’s most powerful private energy investors, is now working closely with Vietnamese authorities to complete investment procedures for several large-scale proposals in the renewable energy and semiconductor sectors. The ministry described SK as a “strategic partner with global technological capacity” and said cooperation with local governments was already underway.
From Financial Investor to Strategic Partner
Over the past decade, SK Group has invested more than $3.5 billion in Vietnam, mainly through equity purchases and strategic partnerships with leading domestic companies. But in recent years, the conglomerate has shifted gears — reducing its financial holdings to about $650 million to refocus on long-term industrial investments aligned with Vietnam’s sustainable growth agenda.
That pivot follows several headline exits. In 2024, SK sold its entire $1 billion stake in Vingroup, ending what had been seen as a landmark Vietnam–Korea partnership in smart cities and manufacturing. In October 2025, SK Invest VINA II, a subsidiary of SK Group, divested 42.6 million shares of Masan Group (MSN) worth $127 million, closing a seven-year partnership. SK also recently exited Imexpharm, selling its stake to a Chinese investor.
Rather than signaling retreat, these exits mark a strategic reset. SK is now positioning itself to build direct, large-scale projects — in clean energy, LNG, battery production, advanced materials, and semiconductor technology — sectors that align with both Vietnam’s national priorities and SK’s global expertise.
Anchoring in Central Vietnam’s New Industrial Belt
Sources familiar with the matter said SK is evaluating multiple projects in Thanh Hoa and Nghe An, two provinces emerging as industrial hubs in the North-Central Coast corridor, home to deep-sea ports, new industrial parks, and growing renewable infrastructure. If realized, these projects could form an integrated energy–materials–manufacturing supply chain supporting Vietnam’s green industrial strategy from 2026 to 2035.
Global Expertise Meets Local Ambition
SK’s clean energy arm, SK Innovation, valued at $75 billion, is Asia-Pacific’s largest private energy company. Following its merger with SK E&S in late 2024, the group established a vertically integrated LNG value chain, importing more than 5 million tons of liquefied natural gas annually, alongside growing operations in battery technology, renewable power generation, and hydrogen.
This expertise could prove pivotal for Vietnam’s transition to cleaner power and digital infrastructure. “SK Group represents exactly the kind of strategic investor Vietnam needs — one with both capital and deep technological capacity,” said a senior official at the Ministry of Finance.
Vietnam’s Green Future, Korea’s Industrial Bridge
Vietnam’s government has prioritized attracting investors into renewable energy, digital transformation, and carbon neutrality, and SK is seen as a cornerstone partner in those efforts. The ministry’s active coordination underscores Hanoi’s view of SK as a long-term, high-impact partner rather than a short-term financial player.
If successfully executed, SK’s projects could accelerate Vietnam’s transformation into a regional clean-energy and semiconductor hub, while strengthening Korea’s industrial footprint in Southeast Asia.
With its proven global track record and strong alignment with Vietnam’s green growth agenda, SK Group’s next chapter in Vietnam may well mark the beginning of a deeper, more technologically integrated partnership between the two nations — one built not on capital flows, but on shared innovation.
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Source: Vietnam Insider