SK officials pose for a photo after signing a deal to buy a stake in VinCommerce.
South Korea’s SK Group has acquired 16.3% of Vincommerce, Vietnam’s top retail business operator, for $410 million as part of a move to expand its presence in the Southeast Asian nation’s consumer sector.
SK, Korea’s third-largest conglomerate, said on Apr. 6 that SK Southeast Asia Investment Ltd. has signed a deal to purchase the stake from Masan Group, Vietnam’s food and beverage industry leader.
Vincommerce, a retail subsidiary of Masan Group, operates about 2,300 convenience stores and supermarkets in Vietnam, accounting for roughly 50% of the market in the country.