Singapore's sovereign wealth fund, GIC, has purchased a minority stake in VCM Services and Trading Development Joint Stock Company, a Vingroup business unit which operates VinMart.
Well established in Vietnam
VCM operates about 114 VinMart supermarkets and 1,990 VinMart+ convenience stores in total. The retailer has grown its retail stores organically as well as through acquistiions. It had purchased Fivimart (23 supermarkets), Shop & Go (87 convenience stores) and Queenland Mart (8 supermarkets) this year.
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."
Vingroup started as a real estate business. The group has expanded into various sectors such as retail, education, entertainment, healthcare, automobile and technology.