SK Group, South Korea’s third-largest conglomerate, will spend US$410 million to acquire a 16.3% stake in VinCommerce, a retail subsidiary of Masan Group.

SK Group's headquarters in central Seoul. Photo: vietnampropertyblog.com

The South Korean group said on April 5 that it will collaborate with the Masan Group to invest in retail, logistics and electronic payment systems to expand VinCommerce's online channels to be the fast-growing e-commerce sector in Vietnam and the Southeast Asian market as well.

The group plans to accelerate investments in other strategic interest areas such as online and offline distribution, logistics, and electronic payment in Vietnam via its strategic partnership with Masan Group, said SK.

VinCommerce operates about 2,300 convenience stores and supermarkets across Vietnam, accounting for 50% of the country's retail market share.

In December 2019, Masan Group took over an 83.7% stake in VinCommerce from Vingroup, the largest conglomerate in Vietnam. 

SK Group established an investment unit in Southeast Asia in August 2018 to explore growth opportunities in the region. The unit acquired 9.6% stake in Masan Group in October 2018 and 6.1% stake in Vingroup in May 2019.