Korean firm invests in Vietnam car-wash chain

South Korean oil refiner GS Caltex Corp has bought an 11.56 percent stake in car-wash startup Vietwash for $1.7 million. Nguyen Thanh Duong, founder of Vietwash, said the money would be used to double the number of outlets to over 100 in the next few years.

It now offers car and motorbike wash services at 51 locations in Ho Chi Minh City and central Da Nang City.

Hur Joon-hong, GS Caltex executive vice president, said his company would help Vietwash develop an automatic car maintenance system and expand.

Vietwash, which began operations in 2014, claims to be the first car-wash chain in Vietnam and serves 1.3 million customers a year.

In 2016 it received an investment of $1 million from private-equity firm Vietnam Investments Group. GS Caltex has been selling vehicle lubricants in Vietnam since 2017.