S.Korea’s SK Group sets up US$860-million investment fund in Vietnam
The Hanoitimes - Both SK Group and South Korea’s National Pension Service (NPS) would contribute US$430 million to the fund.
South Korea’s conglomerate SK Group along with the National Pension Service (NPS) has launched a US$860-million fund to invest in Vietnamese companies, through which the South Korean conglomerate could ramp up investment in Vietnam’s two biggest companies – Vingroup and Masan Group, the Korean Investors reported.
For the corporate partnership (COPA) fund, NPS and SK will contribute US$430 million, respectively. It will be managed by South Korea’s SKS Private Equity and Stonebridge Capital, according to investment banking sources on December 18.
The NPS-SK fund comes after SK Group invested US$1 billion to buy a 6.1% stake in Vietnam’s biggest company Vingroup in May, thus becoming the latter’s strategic investor.
Last September, SK Group invested US$470 million to purchase 110 million treasury shares of Vietnam’s Masan Group Corporation, equivalent to a 9.5% stake, becoming Masan’s largest foreign shareholder.
Moreover, SK Group has provided a non-refundable grant worth US$30 million to facilitate the development of the National Innovation Center (NIC) in Vietnam.
Alongside the investments, SK Group received an option to co-invest in new businesses with the Vietnamese companies and priority rights to make an equity investment for their M&A deals and to buy a stake in units of the Vietnamese groups when they are floated on the stock market.
In a meeting with Prime Minister Nguyen Xuan Phuc in June, SK Group’s Chairman Chey Tae-won said the group is committed to long-term business in Vietnam and willing to support the country’s initiatives for development in the future.
- European pharma group suggests Vietnam lead R&D hub in region
- Vietnam's reforms to unlock potential of EVFTA: EuroCham
- ExxonMobil to soon expand investment in Vietnam
- Vietnam listed preferred partner in US supply chains
- Vietnam’s North-South Expressway project gets fresh air
- Foreign investors remain interested in Vietnam insurance market
- German companies hesitate to invest in Vietnam on Covid-19: Survey
- Vietnam food Vlog platform Capichi launched in Hanoi
- Vietnam remains attractive to PE funds in 2020 despite Covid-19
- EVFTA spices up German healthcare companies’ appetite for Vietnam
Hanoi seeks to restart zoning plan for Red river
Vietnam National Economic Advisory Council sees GDP growth at 3 – 4% in 2020
Vietnam brings home more than 1,100 citizens over past week
Hanoi targets hi-tech farming to make up 70% of total agricultural production value
ASEAN Summit in Hanoi expected to boost intra-regional economic links
Hanoi works closely with ADB to ensure progress of urban infrastructure projects
Vietnam Airlines retakes Jetstar Pacific from Qantas
Hanoi strives to ensure safe and stable investment environment for investors
Removal of permanent residency requirement to pressurize Hanoi's budget