Monday , December 11 2023

Vingroup withdraws from digital platform unit

Conglomerate Vingroup has partly sold its stake in One Mount Group, a company established in partnership with Techcombank and Masan to build an electronic ecosystem for consumers.

Vingroup is no longer the parent company of One Mount Group, it recently stated, without mentioning how much stake it has sold.

The biggest private company in Vietnam established One Mount Group in 2019 with an initial charter capital of VND3 trillion ($131.19 million), in which it held 51.22 percent.

Its capital was increased to over VND5.4 trillion by July last year.

Its chairman is Ho Anh Ngoc, the brother of Techcombank Chairman Ho Hung Anh. The bank is also its strategic partner.

One Mount Group eyes to build the “biggest digital ecosystem in Vietnam”, which incorporates VinID, a wallet app for shopping at WinMart outlets, VinShop, a platform for local grocery stores to partner with WinMart suppliers, and One Housing, a platform for property listing.

One Mount Group charges fees for products and services listed on its platform.

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