South Korea’s SK Group plans to expand investment operations in Vietnam
SK group wants to invest in Vietnamese private corporations and state-owned enterprises subject to privatization, while considering plan to build a national innovation center in Vietnam, the government portal reported.
SK Group, South Korea’s third largest conglomerate, is looking for more investment opportunities in Vietnam, SK Group’s Chairman Chey Tae-won has stated.
In early October, SK Group has completed the purchase of 110 million treasury shares of Masan Group Corporation, one of Vietnam’s largest privately-run conglomerates, thus becoming the latter’s largest foreign shareholder, said Chey in a meeting with Prime Minister Nguyen Xuan Phuc on November 8.
The group wants to invest in other Vietnamese private corporations and state-owned enterprises subject to privatization, while considering plan to build a national innovation center in Vietnam in a bid to take advantage of the Fourth Industrial Revolution, Chey added.
Prime Minister Nguyen Xuan Phuc and Chey Tae-won, SK Group’s chairman. Source: VGP.
Chey said the SK Group is committed to contributing to Vietnam’s socio-economic development and strengthen the two countries’ relationship. In the coming time, the South Korean group will provide supports for the development of small and medium enterprises in Vietnam, which is part of the government’s effort of having one million enterprises by 2020.
At the meeting, Prime Minister Phuc requested the group to support Vietnam in economic development and the formation of e-government.
Phuc lauded SK Group’s initiative in building a national innovation center in Vietnam, adding the project plays an essential part in Vietnam’s 4.0 industry strategy.
Currently, the government has been stepping up effort in facilitating the equitization and divestment process of Vietnamese major SOEs in the fields of telecommunication, chemical industry, manufacturing and processing, textile & garment, beverage, air transportation, and energy, among others.
During this process, Vietnam encourages the participation of foreign investors, including SK Group, as strategic partner, Phuc stressed.
The Vietnamese government would spare no effort in improving the business and environment environments, in turn creating favorable conditions for investors, the PM concluded.
SK Group is one of the largest corporate groups in South Korea, with businesses lines across energy, chemicals, telecommunications, semiconductors, logistics and service sectors. SK Group operates globally across over 40 countries and had a combined revenue of US$141 billion as of year-end 2017.