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Business deals

SK Group to make $1bn push into Vietnam with Vingroup investment

South Korean conglomerate will become second largest shareholder

SK Group is making a major push into Vietnam in a bid to catch up with rivals Samsung Group and LG Group.   © Reuters

SEOUL -- South Korea's SK Group will invest 1.18 trillion won ($991.8 million) in Vietnamese conglomerate Vingroup, SK announced on Thursday.

The South Korean chaebol aims to expand its operations in Vietnam by tying up with Vingroup in telecommunications and other fields. SK’s Vietnam operations are weak compared to competitors Samsung Group and LG Group. It hopes to change that by working with local companies that are already strong on the ground.

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