Business

Alibaba and partners invest 400 million USD in Vietnam’s retail company

Masan Group Corporation and a consortium, including Chinese e-commerce giant Alibaba Group and Baring Private Equity Asia, on May 18 announced the signing of definitive agreements for the acquisition of a 5.5 percent stake in The CrownX for a cash consideration of 400 million USD.
Alibaba and partners invest 400 million USD in Vietnam’s retail company ảnh 1Consumers buy pork at a Vinmart supermarket (Photo: VNA)
Hanoi (VNA) – Masan Group Corporation and a consortium, includingChinese e-commerce giant Alibaba Group and Baring Private Equity Asia, on May18 announced the signing of definitive agreements for the acquisition of a 5.5percent stake in The CrownX for a cash consideration of 400 million USD.

The CrownX, founded in 2020, is valued at 6.9 billion USD,equivalent to 93.50 USD a share. Parent company Masan will hold 80.2 percent ofthe retail unit.

The company isMasan’s integrated consumer retail arm that consolidates its interests in MasanConsumer Holdings (MCH) and VinCommerce (VCM).

Danny Le, Masan Group CEO, said: “This strategic partnershipwill accelerate our ability to achieve our goal of transforming The CrownX intoa one-stop shop to serve consumers’ everyday needs, whether offline or online”.

“Our immediate priority is to modernise Vietnam’s grocerymarket and develop an unparalleled consumer proposition from assortment toshopping experience,” he added.

“As a long-term investor in the country, we think Vietnamhas a long runway for growth supported by strong macroeconomic tailwinds andattractive demographics,” stated Janice Leow, managing director at BPEA.

As a part of the transaction, VCM will enter a strategiccooperation agreement with Lazada, Alibaba’s Southeast Asian e-commerceplatform.

It will be the grocery retailer of choice on Lazada in Vietnam./.
VNA
#Masan Group Corporation #Alibaba Group #Baring Private Equity Asia #The CrownX #Vietnam #Vietnamplus #Vietnam News Agency
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