SK Group has fully exited its investment in Vietnamese conglomerate Vingroup, completing the sale of its entire 6.05% stake for more than 1.3 trillion won ($936 million) through a series of block trades that concluded in August.
The South Korean conglomerate began trimming its position in January, selling portions of its holding as Vingroup’s shares surged 2.6 times from around 39,000 Vietnamese dong to 104,000 dong ($3.97) by early August. The company originally invested 1.1 trillion won in 2019, making the exit profitable despite broader challenges facing the group.
The divestment represents the latest move in an aggressive restructuring campaign as South Korea’s second-largest conglomerate sheds non-core assets to focus on semiconductors, artificial intelligence and battery technologies. The company has already disposed of stakes in other Vietnamese firms, including a 7.1% holding in WinCommerce for $200 million and a 5.05% stake in Masan Group for another $200 million.
SK Group aims to generate 80 trillion won ($60.8 billion) by 2026 through restructuring efforts to free up capital for high-growth areas. The conglomerate’s sprawling empire of 219 affiliates has faced mounting financial pressures, particularly from its money-losing electric vehicle battery unit SK On, which has accumulated 2.3 trillion won in operating losses since spinning off in 2021.
Despite the exit, SK Group indicated it will maintain strategic partnerships with Vingroup in future growth sectors. The Vietnamese conglomerate operates across real estate, retail, smartphones and electric vehicles.
