SK chairman to meet business moguls in Vietnam

SK Group Chairman Chey Tae-won, left, meets Vietnamese Prime Minister Nguyen Xuan Phuc in Hanoi last November. / Courtesy of SK Group

By Jun Ji-hye

SK Group Chairman Chey Tae-won will visit Vietnam today to meet leaders of the top two Vietnamese companies as part of SK's efforts to explore new business opportunities in the rapidly growing Southeast Asian economy, the group said Tuesday.

During his visit, Chey will sit down with heads of Vingroup and Masan Group to share their corporate vision and discuss possible collaboration in areas including energy and telecommunications.

CEOs of SK Group affiliates, including SK Telecom CEO Park Jung-ho, will accompany Chey.

Vingroup is Vietnam's top privately run conglomerate. It does business in real estate development, retail, cars and services that range from healthcare to hospitality.

Masan Group, the second-largest conglomerate, focuses on food and distribution.

"During his visit to Vietnam, Chairman Chey will meet with the Vingroup chairman first and then the Masan Group chairman," an SK Group official said.

SK Group has been eyeing the Vietnamese market since last year, with its five subsidiaries ― SK Holding, SK Innovation, SK Telecom, SK E&S and SK hynix ― establishing a joint entity, SK South East Asia Investment, last August.

The entity has made a series of investments in a bid to grab promising opportunities in the fast-growing market.

SK bought a 9.5 percent stake in Masan Group for $470 million last September.

The group also purchased a 6 percent stake in Vingroup for $1 billion last month, becoming the second-largest shareholder.

At the time, the group called the purchase a "strategic partnership," noting that it was going to seek business opportunities in Vietnam, including investing in new businesses and infrastructure development.

The deal was sealed after Cho Dae-sik, the chairman of SK's SUPEX Council, the group's top decision-making body, met Vingroup Chairman Pham Nhat Vuong a year ago.

Chey also has been active in trying to gain a foothold in the Vietnamese market.

He met Vietnam's Prime Minister Nguyen Xuan Phuc in 2017 and 2018 to build a cooperative relationship and share opinions about solving environmental issues.

Based on partnerships with Vingroup and Masan Group, SK Group is expected to expand into new businesses and participate in projects to privatize public enterprises. The group is also expected to seek mergers and acquisitions there, according to industry officials.

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