South Korea's SK Group buys 16.3% stake in VinCommerce
They will collaborate to invest in retail, logistics, and electronic payments.
South Korean conglomerate SK Group is acquiring a 16.3% stake in Vietnam’s largest retail group VinCommerce for $410m (KRW460b) through its Southeast Asian investment arm, Yonhap reported.
SK said it will collaborate with Masan Group to invest in retail, logistics and electronic payment systems to expand VinCommerce's online channels to target the fast-growing e-commerce segment in Vietnam.
VinCommerce, a retail subsidiary of Masan Group, operates about 2,300 convenience stores and supermarkets in Vietnam, taking about 50% of the nation's retail sector. In 2019, Masan Group took over a 83.7% stake in VinCommerce from Vingroup.
Established in 2018, SK Southeast Asia Investment Ltd. bought a 9.6% stake in Masan Group in October of the same year and acquired a 6.1% share in VinGroup in 2019 to expand its presence in the key Asian market.