Mirae, Naver acquire logistics centres in Viet Nam

Monday, Nov 12, 2018 08:33

Seoul-based Mirae Financial Group teams up with Naver to acquire Yen Phong Industrial Park of Viet Nam. — Photo THE INVESTOR

Seoul-based Mirae Financial Group and Naver have acquired two logistics centres in Viet Nam for 53 billion won (US$47.01 million), said industry sources on Friday.

The two companies acquired the logistics centres in Yen Phong Industrial Park, located near Ha Noi, through their 50:50 joint venture Mirae Asset-Naver Asia Growth Fund. Of the total, 30 billion won will be funded by the joint venture while the rest will be provided by the Vietnamese unit of Shinhan Investment through refinancing and tenant deposits.

According to sources, Mirae Asset and Naver invested in the logistics centres because they forecast the fast-growing Vietnamese economy would develop as a logistics hub. They thought it is crucial to grab some market share as infrastructure is key for logistics businesses.

Earlier in March, the two firms created a 200 billion won joint fund to invest in promising Asian start-ups focusing on e-commerce, internet platforms, healthcare, consumer and logistics.

Most recently in August, it invested $150 million in Southeast Asia’s ride-hailing giant Grab. — VNS

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