Masan injects $215.7 mln into VinMart controlling unit

Conglomerate Masan Group will invest VND5 trillion ($215.7 million) in the subsidiary that controls its VinMart retail chain to help expand it.

The investment would quadruple the charter capital of The Sherpa to VND6.5 trillion, it said in a statement.

Through the company, Masan indirectly owns 71 percent of VinCommerce, which operates VinMart+ convenience stores and VinMart supermarkets.

Masan acquired VinCommerce from Vietnam’s largest private company, Vingroup, in January this year.

Masan earlier announced it plans to have over 300 VinMart supermarkets and nearly 10,000 VinMart+ convenience stores by 2025, up from 122 and 2,524 at the end of September.

Masan closed 433 VinMart and VinMart+ stores in the first nine months of this year to cut losses and forecast VinCommerce to break even this quarter.