VOV.VN - SK Group of the Republic of Korea (RoK) have unveiled plans to make a strategic investment into VinCommerce, the largest retailer in the country, as they strive to fully tap into the fast growing Vietnamese e-commerce market.
The group stated that its subsidiary SK South East Asia Investment had signed a deal aimed at acquiring a 16.3% stake in VinCommerce, a retail affiliate of Masan Group, for a sum of US$410 billion.
Furthermore, SK Group also revealed that it will co-operate alongside Masan Group in order to invest in retail, logistics, and e-payment systems as part of efforts to expand VinCommerce's online sales channels and move the local firm towards more activities in the e-commerce market.
VinCommerce operates roughly 2,300 convenience stores and supermarkets nationwide, accounting for approximately 50% of the retail market in the country.
December last year saw Masan Group acquire an 83.7% stake in VinCommerce from Vingroup, the largest private Vietnamese conglomerate.
Originally founded in 2018, SK's Southeast Asia Investment purchased a 9.6% stake in Masan Group in October, 2018, along with a 6.1% stake in Vingroup in May, 2019, as it attempts to expand the presence of SK within the Vietnamese market.
SK Group, the third largest conglomerate in the Republic of Korea, on June 9 announced its plan to fund 30 million USD for Vietnam’s National Innovation Centre (NIC).
The Vietnamese Party, State, Government and localities always create favourable conditions and protect legitimate rights for foreign firms, including the Republic of Korea’s SK Group, to land technology investment in the country amid the Fourth Industrial Revolution, Prime Minister Nguyen Xuan Phuc said on June 5.
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