South Korean SK Group buys Vietnam firm for $300 mln, eyes expansion

South Korean chaebol SK Group has called on local authorities to support the expansion of Iscvina Manufacturing Company Limited in the northern province of Vinh Phuc after acquiring it for $300 million.

Han Sung Won, Vietnam manager of SK, made the request at a Tuesday meeting with Vinh Phuc Chairman Tran Duy Dong.

Iscvina Manufacturing, a supplier of Samsung and Apple, was fully-invested by another South Korean firm ISC Co. Ltd.

The SK executive pointed out some issues related to the expansion of the firm and urged provincial authorities to help resolve them, including arranging high-quality human resources.

He mentioned that SK Group had made some investments in Vietnam, including acquiring stakes in Vietnamese corporate giants Vingroup and Masan.

Welcoming the SK Group’s investment, Chairman Dong asked relevant agencies, including the provincial labor department, to collaborate with SK Group in implementing its plans.

He also urged Won to make Vinh Phuc the first locality in Vietnam to receive direct investments from SK Group.

South Korea is currently the biggest foreign investor in the province, with over 200 businesses and investments of over $3 billion, he noted.

Vinh Phuc was prioritizing investments in the high-tech industry, semiconductors, electronics, electricals, industrial real estate, urban areas, tourism service, housing, and hotels, he added.