Korean conglomerate SK Group said it will make a strategic investment in VinCommerce, Vietnam’s largest retailer, to tap into the fast-growing e-commerce segment in the Southeast Asian market, reported Yonhap News Agency.
SK said its Southeast Asian investment arm signed a deal to acquire a 16.3 percent share in VinCommerce for 460 billion KRW (410 million USD).
VinCommerce, a retail subsidiary of Masan Group, operates about 2,300 convenience stores and supermarkets in Vietnam, accounting for 50 percent of the nation’s retail market share.
The RoK group said it will collaborate with the Masan Group to invest in retail, logistics and electronic payment systems to expand VinCommerce’s online channels to target the fast-growing e-commerce sector in Vietnam.
In December 2019, the Masan Group took over an 83.7 percent stake in VinCommerce from Vingroup, Vietnam’s biggest private conglomerate.
Established in 2018, SK Southeast Asia Investment Ltd. bought a 9.6 percent stake in the Masan Group in October 2018 and acquired a 6.1 percent share in Vingroup in May 2019 to expand its presence in the key Asian market.
This article was originally published in VNA
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Source: Vietnam Insider