South Korea’s SK Group is trimming its position in Vietnamese conglomerate Vingroup, planning to sell one-fifth of its shares in a deal worth 508 billion dong ($20 million). The move comes as Vingroup faces mounting pressure from credit rating agencies over its debt levels.
SK Investment Vina II PTE, SK’s investment vehicle and currently Vingroup’s largest foreign investor with a 6.05% stake, will reduce its holding to 4.72%. The transaction is set to conclude by February 14 as part of SK’s portfolio restructuring strategy.
The divestment follows SK’s recent exit from another Vietnamese investment, having sold its Masan Group shares for $200 million in November. While Vingroup’s management says it continues to explore partnership opportunities with SK Group, the Korean conglomerate has not commented on the sale.
The timing of SK’s partial exit aligns with growing concerns from rating agencies about Vingroup’s financial health. Both Fitch and Moody’s highlighted risks at Vingroup’s property unit Vinhomes, citing high leverage at the parent company level. The conglomerate has been strained by losses at its electric vehicle subsidiary VinFast.
SK’s reduced stake signals a shift in its Vietnamese investment strategy, marking its second major portfolio adjustment in the country within three months.
