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Monday, October 18, 2021

Vingroup denies unit sale reports

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HCMC – Vietnam’s leading private conglomerate Vingroup has denied a news report that it is considering selling its education and hospital units to focus on core businesses.

“We affirm that we don’t have any schemes to sell the shares of Vinmec and Vinschool. Vinmec and Vinschool are meaningful in Vingroup’s ecosystem and we pledge to develop the system to become better and more comprehensive,” stated a Vingroup representative on September 11.

The conglomerate is still seeking cooperation opportunities with prestigious partners in Vietnam and abroad to take Vinmec to the international level. For Vinschool, the group has no plans for an overseas expansion.

Earlier, an “exclusive” news report by Reuters stated that Vingroup was considering selling a controlling stake in its education and hospital units. Vinschool now has 27 education establishments and Vinmec runs seven hospitals in Vietnam.

Following unofficial negotiations, two partners have expressed their interest in the two businesses, Reuters said.

The information quickly drew attention as Vingroup sold its retail unit Vincommerce to the local Masan Group.

In 2016, Vingroup announced that it would turn Vinmec and Vinschool into a non-profit model, giving all its profits to the society.

By Dung Nguyen

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