The strategic partnership signing ceremony between Vingroup and SK Group on May 16 (Source: vnexpress.net)Seoul (VNA) - SK Group, the third largest business group in the Republic ofKorea (RoK), said on May 16 that it would invest 1 billion USD in Vingroup - Vietnam's leading realestate and retail conglomerate, as part of its efforts to expand presence inthe Southeast Asian market.
Accordingly, SK signed an agreement to buy 6.1 percent stake in the top Vietnamese company, and it will seekbusiness opportunities in Vietnam including investing in new businesses,infrastructure development and mergers and acquisitions.
Established in 1993, Vingroup is Vietnam's top-listed privatecompany by market value, injecting its investment in diverse sectors, rangingfrom real estate development to automobile industry.
Vingroup’s sale in the first quarter of 2019 was reported to hit 925 millionUSD.
Theagreement is the latest step in a series of overseas efforts by SK in recentyears.
In August 2018, the group's five subsidiaries,including SK Holdings Co. and SK Innovation Co., established a joint entity ―SK South East Asia Investment Pte.Ltd in Vietnam to fully tap and promote promisingopportunities in the Southeast Asian market.
SK purchased a 9.5 percent stake in Vietnam's second-largest conglomerate,Masan Group, for 470 million USD. -VNA
VNA
