S Korea's SK set to divest from Vietnam's giant Vingroup
South Korean chaebol SK Group is set to divest from Vietnamese conglomerate Vingroup, according to the former’s annual report 2024.
SK said as of end-2023, it held a 6.1% stake in Vingroup, listed on the Ho Chi Minh Stock Exchange (HoSE) as VIC. The book value of the stake was KRW549.2 billion ($375 million).
As of end-2024, SK reported the figures at 0.
SK clarified that its assets at Vingroup is now classified as “held for sale.”
In May 2019, SK acquired a 6.1% stake in Vingroup for $1 billion. VIC shares were priced at VND113,000 ($4.45) at that time. The South Korean chaebol purchased 154.3 million VIC shares directly and 51.4 million VIC shares from retailer VinCommerce, which is now known as WinCommerce and is owned by Masan Group. Following the deal, SK Group held a total of 205.7 million VIC shares.
SK Group logo. Photo courtesy of ilyo.co.kr.
In January 2025, SK Group said it would sell 50.86 million VIC shares as part of its investment portfolio restructuring strategy.
With a 6.05% stake, SK’s group financial vehicle SK Investment Vina II PTE was the biggest foreign shareholder in Vingroup. After the January sale, SK held a 4.72% stake in the Vietnamese group and is no longer a major shareholder, as Vingroup's filing showed.
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