SEOUL -- South Korea's third-largest conglomerate SK Group strengthened its strategic partnership with Masan Group by investing $340 million in the Vietnamese group's consumer-retail platform, CrownX, as part of efforts to expand its presence in Southeast Asian nations.
Through its new investment, SK would expand cooperation with Masan in online and offline distribution, logistics and fintech in Vietnam. SK's Southeast Asia investment head Park Won-cheol described Masan as the best partner to achieve success in the Vietnamese market. "SK wants to bear great fruits in the growing Vietnamese distribution market through this investment."
Masan, a diversified private-sector group with a focus on food and beverage, founded the CrownX platform in 2019 by consolidating its interests in Masan Consumer Holdings and VinCommerce, a top retail company in Vietnam. The CrownX received $400 million from a consortium led by China's Alibaba in May.
The partnership with Masan dates back to 2018 when SK purchased a 9.5 percent stake in the Vietnamese group. In April 2021, SK acquired a 16.3 percent stake in VinCommerce for $410 million. SK Group hopes to use Vietnam as a springboard for its business expansion in Southeast Asia. In 2019, the group acquired a 6.1 percent stake in Vingroup JSC, a major private-sector group in Vietnam.
© Aju Business Daily & www.ajunews.com Copyright: All materials on this site may not be reproduced, distributed, transmitted, displayed, published or broadcast without the authorization from the Aju News Corporation.