On June 15, 2023, Son Kim Retail and the International Finance Corporation (IFC) signed an investment agreement worth VND 460 billion (equivalent to USD 20 million) to develop the business of GS 25 Vietnam Co., Ltd. (GS25 VN) under the Son Kim Retail ecosystem.
This is considered one of the important milestones in the plan to attract more large investments into Son Kim Retail to prepare for the breakthrough development of the retail industry in the Vietnamese market in the coming years.
The signing ceremony was attended by representatives of GS Retail Korea, a partner owning 30% of the shares in the GS25 VN joint venture. At this ceremony, GS25 VN also signed a consulting contract with IFC to improve food hygiene and safety standards, reduce food loss and waste.
Vietnam's retail market is facing many challenges, this investment shows IFC's long-term vision for the potential of the Vietnamese market in general and expectations for the successful development of Son Kim Retail & GS25 VN in particular.
Accordingly, GS25 VN will implement a plan to expand its chain of stores with nationwide coverage, bringing essential, quality, and safe products to people quickly.
At the same time, the expansion of the chain of stores also creates job opportunities for many local young people, helping them to have a source of income and accumulate practical life experience; on the other hand, it helps the system of manufacturers and suppliers have the opportunity to approach customers in a more convenient and professional way.
Meaningful contributions to the community are important criteria that IFC considers when deciding to choose investment partners.
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