A view of Samsung Electronics’ semiconductor plant under construction in Taylor, Texas. (Image provided by Samsung Electronics)
SEOUL, Oct. 29 (Korea Bizwire) – South Korean business groups have moved their overseas production bases from China to the United States over the past eight years since the launch of U.S. President Donald Trump’s first administration, a corporate tracker said Wednesday.
The combined assets of the top 10 business groups’ overseas subsidiaries more than doubled to 490.71 trillion won (US$342.4 billion) at the end of 2024 from 209.16 trillion won at the end of 2016, according to data compiled by CEO Score.
The surge was largely due to the Trump administration’s protectionist stance and aggressive policies to attract manufacturing investment, which helped the U.S. overtake China and Vietnam as the main production hub for Korean companies, the data showed.
The assets of Korean production subsidiaries in the U.S. jumped more than sevenfold from 21.7 trillion won to 157.73 trillion won during the same period, while assets in China rose 27 percent from 91.76 trillion won to 116.61 trillion won.
As of last year, China ranked second as a destination for Korean manufacturing investment, followed by Vietnam.
Samsung Group had the largest assets in its U.S. production units at 43.17 trillion won as of the end of 2024, followed by SK Group with 40.04 trillion won, LG Group with 38.83 trillion won and Hyundai Motor Group with 28.42 trillion won.
(Yonhap)
