Vingroup rebuts after rumor of selling Vinschool, Vinmec makes international headlines

	Vietnam carmaker Vinfast buys GM Holden's testing centre in Australia
	Vietnam automaker VinFast unveils US$198,000 SUV
	Vingroup's ventilators used in Ukraine ambulances

US-based news outlet Reuters runs an article about the news

A handful of prestigious news outlets worldwide, including Reuters, CNA, Financial Post, etc., are reporting the plan to sell controlling stakes of the medical and education units of Vingroup.

In the article named “Vingroup weighs selling school, health units as Vietnam's biggest firm refocuses” published on Friday afternoon, Reuters reported that the conglomerate could look for buyers for its private school business Vinschool and private hospital chain Vinmec. Though so far there has been no advisers appointed for the stake sales, two buyers are reportedly have shown interest in the two businesses in its informal talks.

“A third source aware of the matter said Vingroup has received preliminary interest, and the controlling stakes could fetch roughly $1.5 billion. The source said the interest was rejected”, Reuters wrote. “It is also planning to raise as much as $1.1 billion in debt before the year-end for refinancing existing debt, one of the sources said”.

The plans, according to CNA, are part of moves by Vingroups to stem losses in some of its units that have been compounded by the COVID-19 pandemic.

The article also mentioned the selling of Vinmart in 2019, saying “with the potential stake sales of Vinschool and Vinmec, Vingroup is quickly scaling back its ambitions”, adding that just a year ago, one could be born in a Vinmec hospital, go to Vinschool, live in a Vinhomes apartment and drive to Vinmart in a Vinfast car.

“The expansion over the years, though, has pushed up Vingroup’s debt, and the losses at some of the ventures have squeezed its cash flow”, the news outlet reported.

The news appeared on CNA

A search on Google gives a bunch of result

A group of primary students standing in front of Vinshool (Photo: VHS Group)

Vingroup to donate 1,700 invasive ventilators and sponsor chemicals for 56,000 COVID-19 tests Vingroup conglomerate has handed 1,700 ventilators to the Ministry of Health and donated enough chemicals for 56,000 COVID-19 PCR tests for the three provinces of ...

Vingroup donates 3,200 ventilators to Health Ministry to combat against the COVID-19 Vingroup, the Vietnamese leading real estate and retail conglomerate, sends donations of 3,200 ventilators to the Ministry of Health to support battles against COVID-19 outbreak ...

Vinmec, Vinschool transformed into nonprofit On September 27th, Vingroup announced its decision on the transformation of Vinmec, Vinschool into non-profit model, pledging to spend 100% of the profits to society.