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SK Group acquires 16.3% stake in Vincommerce, the largest Vietnamese retailer (Photo: pulsenews.co.kr)

SK Group of the Republic of Korea (RoK) have unveiled plans to make a strategic investment into VinCommerce, the largest retailer in the country, as they strive to fully tap into the fast growing Vietnamese e-commerce market.

The group stated that its subsidiary SK South East Asia Investment had signed a deal aimed at acquiring a 16.3% stake in VinCommerce, a retail affiliate of Masan Group, for a sum of $410 billion, VOV reported.

Furthermore, SK Group also revealed that it will co-operate alongside Masan Group in order to invest in retail, logistics, and e-payment systems as part of efforts to expand VinCommerce's online sales channels and move the local firm towards more activities in the e-commerce market.

VinCommerce operates roughly 2,300 convenience stores and supermarkets nationwide, accounting for approximately 50% of the retail market in the country.

December last year saw Masan Group acquire an 83.7% stake in VinCommerce from Vingroup, the largest private Vietnamese conglomerate.

Originally founded in 2018, SK's Southeast Asia Investment purchased a 9.6% stake in Masan Group in October, 2018, along with a 6.1% stake in Vingroup in May, 2019, as it attempts to expand the presence of SK within the Vietnamese market.

In 2019, the National Pension Service of Korea launched an $860 million corporate partnership fund with SK Group of the Republic of Korea that will allow the latter to increase investment in Vietnamese firms Masan Group and Vingroup.

In May 2019, SK Group invested $1 billion to buy a 6.1 percent share in Vingroup and $470 million for a 9.4 percent share in Masan Group in 2018.

Naturon Co Ltd, a Korean-based textile company, noted that Vietnam's market has high potential because of the country's stable, high-growth economy and young population, according to Sai Gon Giai phong newspaper.

In addition, the RoK government's New Southern Policy has identified ASEAN and Vietnam as markets for which the RoK will prioritise its investment.

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Vietnam has 5 representatives in the top retailers list in Southeast Asia Vietnam has five representatives in the 2020 list of top 50 retailers in Southeast Asia compiled by British market research firm Euromonitor International.