Two major South Korean investors—SK Innovation and HD Hyundai—have announced new investment expansion plans in Khanh Hoa province in central Vietnam.

During the Vietnam–Korea Economic Forum held in Seoul on August 12 as part of Party General Secretary To Lam’s State visit to South Korea from August 10-13, the Provincial People's Committee and SK Innovation—a subsidiary of South Korea’s SK Group—entered into a strategic partnership to develop a Specialized Energy Industrial Cluster (SEIC).

The initiative includes investment in an LNG (liquefied natural gas) power plant in Khanh Hoa, the development of a distributed energy resources (DER) system, and the construction of LNG-related logistics infrastructure.

This project, along with other planned investments by SK Group, is expected to generate a potential socio-economic impact of up to $45 billion by 2050 across Vietnam's South Central Coast region, including Khanh Hoa.

On the same day, provincial leaders also held a working session with representatives from HD Hyundai—one of South Korea’s leading industrial conglomerates in shipbuilding and heavy industry.

During the meeting, HD Hyundai executives revealed plans to expand their shipyard in Nam Van Phong in Khanh Hoa province to increase production capacity and develop a supporting industrial ecosystem for the shipbuilding sector in the region.

The company aims to optimize its supply chain, enhance value-added production, and attract more satellite enterprises to participate. This direction aligns closely with Khanh Hoa’s industrial development strategy and promises to create new momentum for both parties.

According to the Foreign Investment Agency (FIA) under the Vietnamese Ministry of Finance, following recent administrative restructuring, Khanh Hoa province now hosts 192 foreign-invested projects with a total registered capital exceeding $7.21 billion, ranking 15th nationwide in terms of FDI attraction. Among these, South Korea stands out as one of the largest foreign investors.