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Business trends

South Korea's SK Group bets big on Vietnam's 100m consumer market

Third-ranked chaebol looks to transform VinCommerce into another Amazon

VinCommerce, one of SK Group's investment targets, runs convenience stores and supermarkets across Vietnam. (Photo by Tomoya Onishi)

HANOI/SEOUL -- Long a laggard in developing business overseas compared to rivals Samsung and Hyundai, South Korea's SK Group is making a bold move into Vietnam in an attempt to catch up by  tapping the country's wealth of youthful consumers.

SK has purchased large stakes in two Vietnamese business groups, one of them the operator of the supermarket chain VinMart. During a recent weekend visit to an outlet in central Hanoi, customers with their families in tow crowded to buy meat and vegetables.

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