South Korean newspapers reported that SK Group - the third largest Chaebol and leading partner of Masan - will not withdraw capital from Vietnam early but wants to do business for the long term.
According to Money Today of Korea, a representative of SK Group confirmed that they are discussing long-term business cooperation with the Vietnamese government and major domestic companies. Contrary to recent rumors of capital withdrawal from Vietnam, the group said it is still planning to make Vietnam a "business base in Southeast Asia".
Since 2018, SK Group has established partnerships with leading Vietnamese companies such as Vingroup (VIC) and Masan (MSN), investing about 2.5 billion USD in many fields such as distribution, consumer goods, real estate development and healthcare with businesses such as Pharmacity, Imexpharm, PV Oil, Cuu Long JOC, Maroon Bells.. Of which, the Korean group has invested 1.2 billion USD in Masan's major business segments, the largest investment in Vietnam.
There may be some adjustments in the portfolio as Vietnam's industry develops, but the group will further strengthen the partnership in the future, a senior SK Group official said.
Regarding Masan, SK Group said "it is an important strategic partner and we will continue to seek cooperation from a long-term vision".
This year, the Vietnamese market has also faced great difficulties due to the global economic recession, and the stock prices of key companies have fluctuated. Investors have begun to speculate that SK Group may withdraw from Vietnam, starting with the divestment of all its shares in Masan.
This information contributed to the sharp drop in MSN stock prices recently. As a result, Chairman Nguyen Dang Quang also left the billionaire list. In the last two trading sessions, Masan's stock code increased slightly by VND200 per session, to VND58,200 per share. However, this level is still within the lowest price range of the past two years.
At the investor meeting on the afternoon of October 30, Masan's board of directors also affirmed that SK Group is a long-term partner. In the near future, MSN will announce more cooperation with this Korean investor to maximize value for shareholders of both sides. The company has not announced specific information but only said that the Korean investor will support business development, improve financial health and agree with the "cash is above all" orientation.
Recently, Mr. Choi Tae Won - Chairman of SK Group, met with Vietnamese leaders to discuss long-term cooperation projects such as digital and ESG (environmental, social and corporate governance) in addition to green solutions. Mr. Choi emphasized many times at the meeting that Vietnam continues to be a strategic partner as it has been for a long time. The Korean enterprise also invested 30 million USD in the National Innovation Center (NIC) to promote Vietnamese startups.
Therefore, Money Today 's source said that SK Group may adjust its current investment portfolio to focus on new areas such as green business, rather than rushing to withdraw the investment.
Siddhartha
Source link
Comment (0)