Singapore fund pours 500 million USD in Vingroup

A consortium led by Singapore sovereign wealth fund GIC has signed an agreement to invest 500 million USD in a retail unit of private conglomerate Vingroup.

It would get a minority stake in VCM Services and Trading Development JSC (VCM), a subsidiary of Vingroup engaged primarily in consumer retail in Vietnam, GIC said in a statement on its website on Monday. While the amount of stake has not been disclosed, GIC said Vingroup would remain the controlling shareholder after the transaction. VCM operates the VinMart+ and VinMart chains. There are more than 108 VinMart supermarkets and some 1,700 VinMart+ convenience stores across Vietnam.

Vingroup, which began as a real estate and retail company, has grown to become Vietnam's largest listed company with a market cap of more than 17 billion USD as of Tuesday.

Source: VOV5