Singapore, 9 September 2019 – A consortium led by GIC, Singapore’s sovereign wealth fund, and Vingroup Joint Stock Company (“Vingroup”), signed definitive agreements for an investment in VCM Services and Trading Development Joint Stock Company (“VCM”), a subsidiary of Vingroup that engages primarily in consumer retail in Vietnam. The consortium collectively invested US$500 million (VND11.6 trillion) for a minority stake in VCM. Following the transaction, Vingroup continues to be the controlling shareholder of VCM.

Vingroup and VCM have established themselves as reputable retail companies with attractive brands in Vietnam’s fast-growing consumer market. As a long-term investor, GIC is confident in the growth outlook for disposable incomes and household consumption in Vietnam.