Singapore's sovereign wealth fund invests in Vingroup

Date : 17 September 2019

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." 

About Vingroup

Vingroup started as a real estate business. The group has expanded into various sectors such as retail, education, entertainment, healthcare, automobile and technology. 

 

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