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SK Group Korea becomes a major shareholder of Vingroup
South Korea's SK Group announced on the 11th that it will invest 1.18 trillion won ($ 991.8 million) in Vingroup, a conglomerate in Vietnam.
SK Group in South Korea is aiming to expand its business in Vietnam in partnership with Vingroup in the telecommunications field. SK Group Vietnam lags behind its competitors Samsung Group and LG Group, which are already expanding their markets.
By the end of the year, SK Group plans to become Vingroup's second largest shareholder and acquire a 6.1% stake. According to a SK spokeswoman, the two conglomerates are focusing on establishing telecommunications infrastructure and privatizing Vietnam's state-owned enterprises. The SK Group will dispatch officers to Vingroup to promote cooperation in 5G and infrastructure development.
SK Group lags behind competitors Samsung Electronics and LG Electronics in Vietnam business
Competitor Samsung Electronics operates a major smartphone factory in Vietnam, and LG Electro has made a large investment in a factory for manufacturing washing machines and home appliances.
Except for the main oil exploration activities, SK Group does not have a main business in Vietnam. However, since Chairman Taewon met with Vietnam's Prime Minister Nguyen in November 2017, he has deepened his ties with Vietnam.
Vingroup is active in a wide range of businesses such as real estate development, logistics and smartphones. According to SK Group, Vingroup's revenue in the first quarter of 2019 was about 1.1 trillion won, growing by more than 30% of the annual average from 2016 to 2018.
SK Group Overview
SK Group
Korean conglomerate centered on oil refineries and telecommunications business
A conglomerate in energy, chemistry, economy and construction
In 1980, the company was sold by the state-owned Korean Petroleum Corporation, and in 1994, the company name was changed to "SK Telecom" in response to the sale of the state-owned Korea Mobile Communications. Currently, SK Group has become the largest mobile phone industry in South Korea and is a pillar of the group's business along with the oil sector.
SK Group
Industry conglomerate
Established April 8, 1953
Chairman and CEO Chey Tae-won
Energy, chemicals, telecommunications, trade, services, semiconductors, construction, freight transport
Sales of about 12 trillion yen
Total assets of about 15 trillion yen
Number of employees 83,645
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