A consortium led by GIC and Vingroup Joint Stock Co. have invested $500 million in a minority stake in VCM Services and Trading Development Joint Stock Co., a subsidiary of Vingroup that deals in consumer retail in Vietnam.
According to a statement by GIC, Singapore’s sovereign wealth fund, Vingroup will continue to be the controlling shareholder, following the transaction.
Vingroup and VCM have established themselves as reputable retail companies with attractive brands in Vietnam’s fast-growing consumer market, according to GIC.
As a long-term investor, GIC added, it is confident in the growth outlook for disposable incomes and household consumption in Vietnam.
