Singapore's GIC-led consortium to invest US$500m in Vingroup unit

FILE PHOTO: A woman shows a Vingroup's Vsmart phone during the launching ceremony in Ho Chi Minh City, Vietnam December 14, 2018. REUTERS/Mai Nguyen

HANOI: A consortium led by Singapore's state investor GIC Pte Ltd has agreed with Vietnam's largest conglomerate Vingroup JSC to buy a stake in one of the latter's units for US$500mil, GIC said on Monday.

Vingroup will remain the controlling shareholder of the unit, VCM Services and Trading Development Joint Stock Company, after the deal, GIC said in a statement.