SK Group's headquarters in central Seoul is seen in this photo taken on Feb. 11, 2021. (Yonhap)
SK Group said Tuesday it will make a strategic investment in VinCommerce, Vietnam's largest retail group, to tap into the fast-growing e-commerce segment in the Southeast Asian market.
SK said its Southeast Asian investment arm signed a deal to buy a 16.3 percent share in VinCommerce for 460 billion won ($410 million).
VinCommerce, a retail subsidiary of Masan Group, operates about 2,300 convenience stores and supermarkets in Vietnam, taking about 50 percent of the nation's retail sector.
In December 2019, Masan Group took over a 83.7 percent stake in VinCommerce from Vingroup, Vietnam's biggest private conglomerate.
SK said it will collaborate with Masan Group to invest in retail, logistics and electronic payment systems to expand VinCommerce's online channels to target the fast-growing e-commerce segment in Vietnam.
Established in 2018, SK Southeast Asia Investment Ltd. bought a 9.6 percent stake in Masan Group in October 2018 and acquired a 6.1 percent share in VinGroup in May 2019 to expand its presence in the key Asian market. (Yonhap)