SK Group acquires Vinh Phuc firm for semiconductor manufacturing

The RoK Chaebol acquired a stake in ISCVina Co., Ltd., which operates in the Ba Thien 2 Industrial Park in Vinh Phuc’s Binh Xuyen district.

ISCVina was invested by ISC Co., Ltd, another RoK company that specializes in manufacturing and trading in the semiconductor industry and serves as a supplier for many high-tech corporations.

At a recent meeting with the leadership of Vinh Phuc province, SK Vietnam executive manager Han Sung Won praised the province’s investment environment, particularly its incentives, for businesses. However, he also shared some challenges in expanding investment and sourcing human resources for the group’s project at ISCVina Co., Ltd.

He then requested that Vinh Phuc assist in recruiting high-quality labour to support its production activities and create conditions for SK Vietnam to explore further investment opportunities in the locality.

Welcoming SK’s investment plan, Tran Duy Dong, head of the provincial administration, noted that the RoK is currently the largest foreign investor in the province, with over 200 enterprises and total investment exceeding US$3 billion.

Vinh Phuc is currently prioritizing investments in high-tech industries, semiconductor production, electricity and electronics, industrial park infrastructure, urban infrastructure, shopping centers, hotels, housing, and service tourism, he said.

Dong expressed the desire for SK to continue researching and to choose Vinh Phuc as its first direct investment destination in Vietnam.

He also instructed the provincial Management Board of Industrial Parks to work with relevant agencies to address challenges related to expanding investment and seeking human resources.

SK is the third-largest family-owned conglomerate in the Republic of Korea, following Samsung and Hyundai. In 2023, the group reported nearly US$100 billion in revenue. It primarily operates in the fields of chemicals, telecommunications, oil and gas, and energy.

In Vietnam, the group has executed several significant transactions, including a US$1 billion investment to acquire shares in Vingroup in mid-2019, making it a strategic partner of billionaire Pham Nhat Vuong’s conglomerate.

Earlier, in 2018, the Korean chaebol spent US$470 million to buy 110 million treasury shares of Masan. In 2021, it further acquired over 16% of VinCommerce from Masan for a total cash value of US$410 million. Additionally, SK also invested US$340 million to obtain nearly 5% of The CrownX, the owner of WinMart and WinMart+.