Vietwash raises $1.7m from Korea’s GS Caltex

Wednesday, Oct 07, 2020 19:32

Vietwash executives in HCM City on Monday. — VNS Photo

Vietwash, which runs a chain of car washes, on Monday announced it has raised US$1.7 million for its current round of financing from South Korean energy company GS Caltex.

It said the money would enable it to further strengthen its position as a leader in the automotive services industry in Viet Nam and improve the customer experience.

It plans to expand to have more than 100 facilities in HCM City and other cities in the next few years, it said.

It will invest in training staff, upgrade waiting areas and acquire advanced car wash technologies.

GS Caltex, along with autoOasis, its auto maintenance franchise, plans like to create opportunity in auto maintenance services and help VietWash expand its services to car maintenance using Korean technology and know-how.

Lai Anh Vu, operations director of Vietwash, said: “We are honoured to welcome GS Caltex, a leader in the energy industry to join our roster of strategic investors and partners.

“After five years in the local market, Vietwash has established its credibility and remains the leading choice for Vietnamese customers when it comes to car services. This is timely to capture the local market’s automotive growth.”

The automotive industry is booming with car sales by unit growing at a compounded annual rate of 17.2 per cent over the last seven years, thanks to rising incomes and improving road infrastructure.

The automotive maintenance market is expected to be worth $1.3 billion this year, but it is highly fragmented with authorised dealerships and individual players.

Vietwash, founded in 2014, is the country’s leading car wash operator with over 50 facilities. — VNS

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