SK Group announced on May 16 that it has bought a 6.1 percent stake in the holding company of Vingroup, the largest business group in Vietnam in terms of market cap, for US$1 billion (1.19 trillion won).
Earlier, SK Group also purchased a 9.5 percent stake in Masan Group, Vietnam’s second largest business group in terms of market cap, for US$470 million (560.24 billion won) in August last year.
Accordingly, SK Group has secured a firm bridgehead to expand business in Vietnam by establishing partnerships with the country’s two biggest private business groups.
Based on the partnerships, SK Group is planning to actively seek for projects that can contribute to resolving problems facing the local community in Vietnam. During the first Hanoi Forum held in November last year, SK Group chairman Chey Tae-won delivered a congratulatory address and said, “It is time to seek for new business models and solutions that are more suitable for environment preservation. We need to find ways to create not only economic value but also social value, such as environment conservation and improvement, at the same time.”