GIC-led consortium invests $690.18m in retail company VCM

The consortium now holds a minority stake in VCM.

A consortium led by sovereign wealth fund GIC and Vietnamese Vingroup Joint Stock Company has signed definitive agreements to invest $690.18m (US$500m) in consumer retail company VCM Services and Trading Development, an announcement by GIC revealed.

The investment will see the consortium obtain a minority stake in VCM. Vingroup will continue to be the controlling shareholder of VCM.

VCM is a subsidiary of Vingroup, and is the parent firm of Vinmart supermarket stores and Vinmart+ minimart stores located in Vietnam.

“As a long-term investor, GIC is confident in the growth outlook for disposable incomes and household consumption in Vietnam,” GIC said in a statement.

Photo by Donald Trung (Wikimedia Commons)