Foreign investors maintain interest in Vietnam 16:43 | 07/05/2021
Despite a year-on-year slip in foreign direct investment (FDI) to Vietnam in the first four months of the year, foreign investors still signed major deals in the country and confirmed its ongoing investment appeal.
Japanâs Sumitomo Mitsui Finance Group (SMFG) outlaid 1.37 billion USD for 49 percent of FE Credit. Illustrative image
Hanoi - Despite a year-on-year slip in foreign direct investment (FDI) to Vietnam in the first four months of the year, foreign investors still signed major deals in the country and confirmed its ongoing investment appeal.
In early April, the SK Group of the Republic of Korea announced the signing of an agreement with the Masan Group Corporation to acquire a 16.26 percent stake in VinCommerce, a Masan subsidiary, for a cash consideration of 410 million USD.
Friday, 17:38, 07/05/2021
VOV.VN - Despite the nation suffering an annual drop in foreign direct investment (FDI) during the four months of the year, foreign investors still signed major deals in the country and confirmed its ongoing investment appeal.
Early April saw the SK Group of the Republic of Korea announce the signing of an agreement with the Masan Group Corporation in order to acquire a 16.26% stake in VinCommerce, a Masan subsidiary, for a cash consideration of US$410 million.
Elsewhere, Sumitomo Mitsui Finance Group (SMFG) of Japan spent US$1.37 billion on 49% of FE Credit.
The two deals served to warm up the Vietnamese merger and acquisition (M&A) market, indicating that it remains attractive to investors, with foreign financiers still seeking to conduct valuable deals.
Although the pandemic is still taking a serious toll on the economy, foreign investors are banking on cross-border mergers and acquisitions in the financial industry, especially in consumer finance and retail banking, illustrating the urgency to acquire new capabilities.
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Tokyo, April 29 (Jiji Press) Japan’s Sumitomo Mitsui Financial Group Inc. has announced a plan to take a 49 pct equity stake in top Vietnamese consumer lender VPBank Finance Co. as early as October.
Through the deal, estimated at 100 billion to 150 billion yen, the megabank group aims to strengthen its operations in the Asia market with strong growth potential.
According to Sumitomo Mitsui’s announcement Wednesday, VPBank Finance is a wholly owned subsidiary of Vietnam Prosperity Joint Stock Commercial Bank, a major lender in the Southeast Asian country.
VPBank Finance, which trades as FE Credit, controls about half of the country’s consumer finance market.