South Korea’s top securities firm Mirae Asset Daewoo Co. and internet giant Naver Corporation have jointly invested $37 million in a warehouse in Vietnam, as reported by Pulse News.
Mirae Asset-Naver Asia Growth Fund, a joint fund launched by Mirae Asset and Naver, bought the warehouse in the Southeast Asian country in partnership with another Korean financial firm Shinhan Investment Corporation in late September, the companies said on Monday.
Located in LogisValley logistics hub in Bac Ninh, northeast of Vietnam’s capital, Hanoi, the warehouse has cold storages used for storing fresh and frozen food products. The warehouse is reserved for cold chain service of Vincommerce, the supermarket chain operator under Vietnamese retail giant Masan Group.
Vietnam has been emerging as the post-China logistics hub in Asia with high growth potential, said Koh Joon-ho, Mirae Asset Daewoo official who has led the latest warehouse acquisition project.
Mirae Asset-Naver Asia Growth Fund was created in 2018 for investments in emerging Asian economies, with a focus on e-commerce, healthcare, logistics, and other promising sectors. The joint growth fund has been actively investing in logistics services in Vietnam. It made its first investment in another warehouse in Vietnam in 2018 and is hunting for more in the Southeast Asian country.