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GS Caltex acquires stake in Vietnamese car wash startup
By Kim Byung-wookPublished : Oct. 7, 2020 - 16:42
GS Caltex said Wednesday it signed an investment agreement with a Vietnamese car wash startup to expand its auto repair and lubricants businesses in the Southeast Asian country.
According to the South Korean refiner, it will invest 39 billion dong ($1.6 million) to acquire a 16.7 percent stake in VI Automotive Service, a parent company of VietWash.
VietWash is a Ho Chi Minh City-based car wash startup that operates some 50 car wash centers in Vietnam. It also runs car wash centers at some 20 gas stations owned by Petrolimex Saigon. Most gas stations in Vietnam aren’t equipped with car wash facilities.
Through the partnership with VietWash, GS Caltex aims to enter the auto repair market in Vietnam based on the experience of its subsidiary GS Mbiz, which runs about 530 franchise auto repair shops “autoOasis” in Korea. After launching an auto repair business in Vietnam, GS Caltex plans to sell lubricant products in the country.
By Kim Byung-wook (kbw@heraldcorp.com)
