Son Kim Retail subsidiary posts $7 mln loss in 2022
CVS Holdings JSC, a subsidiary of Son Kim Retail under the HCMC-based conglomerate Son Kim Group, reported a loss of VND167 billion ($7.12 million) in 2022, versus a loss of VND153.5 billion in 2021.
CVS Holdings contributed 70% of capital to GS Retail Vietnam Joint Venture Co., Ltd, which owns and operates the GS25 convenience store chain.
A GS25 convenience store in Vietnam. Photo courtesy of GS25.
The company's equity decreased by more than 41% in 2022, from VND326 billion ($13.9 million) to VND191.5 billion ($8.16 million). The debt to equity ratio increased sharply, from 0.42 to 2.13 after the company had issued bonds.
GS25 Vietnam has garnered attention this year after the brand marked an important milestone of 200 stores in early November.
GS25 Vietnam was launched in 2017. It is based on the GS25 convenience store concept from South Korea, which was brought to Vietnam by two partners - Korean firm GS Retail Co. Ltd. (GSR) and Son Kim Retail, part of Son Kim Group.
The chain’s typical stores are about 150 square meters and include dine-in seating. They also sell fresh food, ready-to-eat, ready-to-cook, and Korean-made products.
GS25 Vietnam currently leases a warehouse of 5,755 square meters in Thu Duc city on HCMC’s outskirts from integrated logistics services provider CJ Korea Express Vietnam. The main items handled are groceries, beverages, livestock, snacks, and health and beauty products.
In mid-December, the World Bank’s investment arm the IFC started considering a new investment of about $20 million into the GS25 convenience store network in Vietnam to drive the chain’s expansion until 2025.
- Related News
- Read More
Vietnam defeat Thailand to win men’s football gold at SEA Games 33
After conceding two goals in just over 30 minutes, Vietnam reversed the situation to finally beat host nation Thailand 3-2 in the men’s football final of the 33rd SEA Games.
Society - Thu, December 18, 2025 | 10:43 pm GMT+7
Sun Group to commence construction on 5 landmark projects worth $5.7 bln
Sun Group is scheduled to start construction of five large-scale projects across Vietnam’s three regions on Friday, with a total investment of nearly $5.7 billion.
Companies - Thu, December 18, 2025 | 8:39 pm GMT+7
Unpaid credit card balances in Singapore hit record high in 10 years
Singapore's credit card debt has exceeded SGD9.07 billion (about $7 billion) in 2025's third quarter, a 10-year high that was last seen in 2014.
Southeast Asia - Thu, December 18, 2025 | 7:54 pm GMT+7
Thailand, Japan deepen transport, infrastructure cooperation
Thai Deputy Prime Minister and Minister of Transport Phiphat Ratchakitprakarn has met with Japanese Ambassador Otaka Masato to advance cooperation in Thailand’s transportation and infrastructure projects.
Southeast Asia - Thu, December 18, 2025 | 7:50 pm GMT+7
Masan's FMCG arm MCH to list on HCMC bourse at $8 per share, valuation tops $8.6 bln
Masan Consumer Corporation (UpCoM: MCH), the fast-moving consumer goods arm of Vietnam’s Masan Group, will officially debut on the Ho Chi Minh City Stock Exchange (HoSE) on December 25, with a reference price set at VND212,800 ($8.08) per share.
Companies - Thu, December 18, 2025 | 4:57 pm GMT+7
Sun Group-led consortium to build $616 mln Red River bridge in Hanoi
Hanoi authorities have approved a consortium led by Sun Group as the investor for the Tran Hung Dao bridge project, with a total investment estimated at VND16.27 trillion ($616.14 million).
Infrastructure - Thu, December 18, 2025 | 3:26 pm GMT+7
Shinhan Bank Vietnam accompanies SMEs in promoting cashless payments
With modern, secure and convenient payment solutions designed to meet the specific needs of businesses, particularly the SME segment, Shinhan Bank Vietnam continues to accompany enterprises in building a modern corporate image and keeping pace with the digital economy.
Banking - Thu, December 18, 2025 | 2:10 pm GMT+7
JC&C to divest 4.6% stake at Vietnam's dairy giant Vinamilk to F&N for $228 mln
Singapore-listed Jardine Cycle & Carriage Limited (JC&C) has announced the sale of more than 96 million shares, or a 4.6% stake, in Vietnam’s dairy giant Vinamilk (HoSE: VNM) to F&N Dairy Investments Pte. Ltd., part of the Fraser and Neave (F&N) group controlled by Thai billionaire Charoen Sirivadhanabhakdi.
Companies - Thu, December 18, 2025 | 1:36 pm GMT+7
Siemens to supply high-speed trains, key railway systems to Vingroup's subsidiary VinSpeed
Siemens Mobility on Wednesday signed a comprehensive strategic cooperation and high-speed railway technology transfer agreement with VinSpeed, a unit of Vietnam’s Vingroup, to supply high-speed trains and key railway systems for planned rail projects in Vietnam.
Companies - Thu, December 18, 2025 | 1:24 pm GMT+7
Hanoi administration to raise over $52 mln from Thuong Dinh Footwear divestment
Hanoi’s municipal government is set to raise nearly VND1.38 trillion ($52.35 million) from the sale of its entire 68.67% stake in Thuong Dinh Footwear Company - a major footwear producer in Vietnam, after two individual investors agreed to buy all shares on offer at a price far above market levels.
Companies - Thu, December 18, 2025 | 10:01 am GMT+7
Sony Music to acquire 49% stake at Vietnam's YeaH1 subsidiary
Sony Music Entertainment Hong Kong Ltd. will invest in a unit of YeaH1 (HoSE: YEG), a leading media entertainment technology group in Vietnam, through a private placement, acquiring a 49% stake and reducing YeaH1’s ownership to 49.88%.
Companies - Thu, December 18, 2025 | 8:34 am GMT+7
Honda Vietnam expands biz registration to cover electric vehicles, charging, battery swapping
Honda Vietnam (HVN) has formally expanded its registered business lines to include electric vehicles, charging infrastructure, and battery-swapping services, marking its most comprehensive step into the electric mobility ecosystem to date.
Companies - Wed, December 17, 2025 | 5:16 pm GMT+7
Vietnam tech unicorn VNG merges two core units into AI-focused GreenNode brand
Vietnamese tech unicorn VNG (UPCoM: VNZ) has merged its cloud computing arm VNG Cloud with AI infrastructure unit GreenNode into the AI-focused GreenNode brand, marking a key step in the company’s “AI-first” strategy.
Companies - Wed, December 17, 2025 | 3:51 pm GMT+7
Becamex to inject $28 mln into VSIP Industrial Park joint venture
Becamex Group (HoSE: BCM) plans to inject an additional VND735 billion ($27.9 million) into the Vietnam-Singapore Industrial Park J.V. Co., Ltd (VSIP JV), as the leading Vietnamese developer steps up investment across its industrial property portfolio.
Companies - Wed, December 17, 2025 | 12:50 pm GMT+7
Vietnam M&A 2025: Opportunities reshaped by disciplined capital
Vietnam’s M&A activity through the first 10 months of 2025 shows a market steadily regaining balance after two volatile years, with dealmaking shaped by rising selectivity, clearer regulatory signals and the return of larger, higher-conviction transactions, write KPMG analysts.
Consulting - Wed, December 17, 2025 | 12:44 pm GMT+7
HCMC plans Cai Mep Ha free trade zone linked to deep-sea port complex
Ho Chi Minh City plans to develop the 3,800-hectare Cai Mep Ha Free Trade Zone (FTZ), linked to Vietnam’s largest deep-sea port complex, Cai Mep-Thi Vai, as it seeks to create a new engine of growth.
Economy - Wed, December 17, 2025 | 11:10 am GMT+7
