(Sept 9): A consortium led by GIC and Vingroup JSC has paid US$500 million ($690 million) for a minority stake in a retail unit of Vingroup, according to a statement from the Singapore sovereign wealth fund Monday.

Vingroup and VCM Services & Trading Development JSC have “established themselves as reputable retail companies with attractive brands in Vietnam’s fast-growing consumer market,” GIC said in the statement. “As a long-term investor, GIC is confident in the growth outlook for disposable incomes and household consumption in Vietnam.”

VCM operates VinMart+ and VinMart outlet stores. There are more than 108 VinMart supermarkets and some 1,700 VinMart+ convenience stores across the country, according to the firm’s website. Vietnam’s economy is forecast to expand 6.7% this year, one of the fastest among Southeast Asian nations.

To continue reading,

Sign in to access this Premium article.

Subscription entitlements:

Less than $9 per month
3 Simultaneous logins across all devices
Unlimited access to latest and premium articles
Bonus unlimited access to online articles and virtual newspaper on The Edge Malaysia (single login)

Related Stories

Stay updated with Singapore corporate news stories for FREE

Follow our Telegram | Facebook