Korean conglomerate buys 16.3 percent stake in Vietnam's largest retailer

VinCommerce, a retail subsidiary of the Masan Group, accounts for 50 percent of the nation's retail market share (Photo: hanoimoi.com.vn)

Seoul (VNA) – The Republic ofKorea (RoK)’s conglomerate SK Group said it will make a strategic investment inVinCommerce, Vietnam’s largest retailer, to tap into the fast-growinge-commerce segment in the Southeast Asian market, reported Yonhap News Agency.

SK said its Southeast Asian investment armsigned a deal to acquire a 16.3 percent share in VinCommerce for 460 billionKRW (410 million USD).

VinCommerce, a retail subsidiary of MasanGroup, operates about 2,300 convenience stores and supermarkets in Vietnam, accountingfor 50 percent of the nation's retail market share.

The RoK group said it will collaborate withthe Masan Group to invest in retail, logistics and electronic payment systemsto expand VinCommerce's online channels to target the fast-growing e-commercesector in Vietnam.

In December 2019, the Masan Group took overan 83.7 percent stake in VinCommerce from Vingroup, Vietnam's biggest privateconglomerate.

Established in 2018, SK Southeast AsiaInvestment Ltd. bought a 9.6 percent stake in the Masan Group in October 2018and acquired a 6.1 percent share in Vingroup in May 2019 to expand its presencein the key Asian market./.

VNA