S.Korea’s SK Group sets up US$860-million investment fund in Vietnam
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.
- Vietnam could see strong US investment following upgraded bilateral status: HSBC
- High value investment takes Vietnam to the next level of qualitative growth: HSBC
- The significance of Vietnam for US businesses and why they should take notice: Standard Chartered
- Vietnam well positioned as FDI destination: Experts
- Vietnam a focus of intra-Asian investors: HSBC
- Efforts to attract investment capital into Vietnamese startups
- Investors set to pour US$5 billion into Vietnam’s startup market in 2023-2025
- Investor confidence drives FDI disbursement in Vietnam to record high
- Green growth an inevitable trend for Vietnam: PM
- Vietnam’s M&A deals worth US$6 billion in 10-month period
Launch of Resource Mobilization Plan for Vietnam’s low carbon journey
Hanoi Times Weekly Podcast - December 2
Vietnam’s e-commerce market set to hit US$20.5 billion
AI to help Hanoi accelerate smart city development
Data mining drives smart city building: vice chairman
Planning essential to promote smart city development
Amended Capital Law to develop Hanoi’s cultural industries
Vietnam advised to use cultural heritage as material for creative industries
Hanoi, British cities exchange experience in branding Creative City