Vietnamese conglomerate Vingroup is reportedly in talks with potential investors, including Thai retail giant Central Group, to sell a stake in the shopping mall unit Vincom Retail, according to Reuters.
Vincom Retail, nearly 60 per cent controlled by Vingroup, currently owns 83 shopping malls in the country. Reuters said the company commands a market value of US$2.8bn. The source also said Vingroup is open to selling a majority stake in the shopping mall unit but no final decision has been taken.
As Reuters observed, Vingroup – controlled by Vietnam’s richest man, Pham Nhat Vuong – appears to be cashing up some of its assets at the same time as it invests heavily in loss-making electric vehicle start-up subsidiary Vinfast, which is expanding into the US. The company is also in talks with Singapore-headquartered Capitaland over the sale of a share in some of its property developments, which could bring in around $1.5bn.
