SK Group Refutes Rumors of Divestment in Vietnam
SK Group, South Korea’s second-largest conglomerate, has dismissed rumors of divesting from Vietnam and reiterated its strong commitment to the country. The company, ranking only behind Samsung Group in South Korea, is actively engaging in discussions with the Vietnamese government and prominent local companies to establish long-term business partnerships.
According to a representative from SK Group, the company aims to position Vietnam as its business hub in Southeast Asia. Money Today, a South Korean publication, reported that SK Group has invested approximately $2.5 billion in various sectors in Vietnam since 2018, including retail, property development, and healthcare. Notably, SK Group has formed significant collaborations with Vingroup and Masan Group, two of Vietnam’s largest conglomerates. Its investment in Masan Group amounts to $1.2 billion, making it the most substantial investment by SK Group in the country.
Although SK Group mentioned the possibility of making adjustments to its investment categories in Vietnam, it considers Masan Group a crucial strategic partner and intends to explore long-term collaboration opportunities. Recent rumors suggesting SK Group’s complete divestment from Masan Group have negatively impacted the share prices of Masan (MSN), reaching the lowest level since October 2020 at VND58,200 ($2.37) per share. However, Masan CEO Danny Le has refuted these rumors during a recent meeting, emphasizing that SK Group will maintain a strategic partnership with Masan, and the two companies are actively working on a multi-year solution.
Le further stated, “We understand that cash is king right now.” SK Group President Choi Tae Won has recently held discussions with senior government officials in Vietnam, focusing on digital and green solutions for long-term partnerships. He affirmed Vietnam’s significance as a key strategic partner. Additionally, SK Group announced a $30 million investment in the National Innovation Center to support Vietnamese tech startups.