Vietnam - South Korea ties flourish with numerous investments in Da Nang
DNO - South Korea is one of the largest foreign investors in Vietnam, currently ranking second in Da Nang with 345 valid FDI projects totaling more than US$1.3 billion.
At present, South Korea is the largest foreign investor in Vietnam, with more than 10,000 valid projects with a total registered investment capital of US$ 93 billion, accounting for over 18% of the country’s total FDI capital.
Since 2022, the two countries have become comprehensive strategic partners. Localities across Vietnam in general, including Da Nang, have actively attracted investment from South Korea.
On July 17, the Da Nang Investment Promotion Agency organized a working session between the municipal People's Committee and the Korean Chamber of Commerce in Vietnam (KOCHAM) to introduce the potential and investment opportunities in the new Da Nang city. The event saw the participation of representatives from the Embassy of South Korea in Vietnam and more than 70 KOCHAM member enterprises.
Currently, South Korea ranks second among the largest foreign investors in Da Nang, with more than 345 valid FDI projects worth more than US$ 1.3 billion in total.
A typical example is the ICT Vina Medical Equipment Manufacturing Plant, invested by ICT Company Limited under Dentium Group in the Da Nang High-Tech Park in November 2024. The project has a total registered investment capital of US$ 177 million, equivalent to more than VND 4,458 billion.
This marks the company’s third investment in the park, following ICT Vina I in 2018 (US$ 20 million) and ICT Vina II in 2020 (US$ 60 million).
Together, the three projects amount to US$ 257 million, making ICT Vina the largest investor in the Da Nang Hi-Tech Park to date.
Furthermore, the strong relationship has positioned the HS Hyosung Group as the third largest FDI partner of South Korea in Vietnam, with a total investment of US$ 4 billion, creating over 10,000 jobs.
In 2018, the group signed a Memorandum of Understanding with former Quang Nam Province, committing to invest US$1.3 billion on an area of 100 hectares in the Tam Thang Industrial Park and its expansion to produce components for the automotive supporting industry.
Mr. Park Jung Kon, General Director of the HS Hyosung Quang Nam under the HS Hyosung Group said that Hyosung launched a tire cord fabric production project in 2019, followed in 2021 by an airbag fabric plant on 19 hectares in the Tam Thang Industrial Park.
Up to now, the company has been granted investment certificates for the abovementioned projects covering 40 hectares with a total investment capital of more than US$ 470 million, creating jobs for more than 1,000 local workers.
"In 2025, we are preparing a contract to lease an additional 20 hectares of land to expand tire fiber production in the expanded Tam Thang Industrial Park. At the same time, the company is separately considering an investment plan to produce industrial fibers and automotive interior materials, worth hundreds of millions of USD, with a decision expected soon” Mr. Park shared.