April 25, 2024

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[THE INVESTOR] Seoul-based Mirae Financial Group and Naver have acquired two logistics centers in Vietnam for 53 billion won (US$47.01 million), according to industry sources on Nov. 9.

The two companies acquired the logistics centers in Yen Phong Industrial Park, located near Hanoi, through their 50:50 joint venture Mirae Asset-Naver Asia Growth Fund. Of the total amount, 30 billion won will be funded by the JV while the rest will be taken care of by the Vietnamese unit of Shinhan Investment through refinancing and tenant deposits. Currently tenants of the two logistics centers include Korean conglomerates like Samsung, CJ and Orion.

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

Earlier in March, the two firms created a 200 billion won joint fund to invest in promising Asian startups focusing on e-commerce, internet platforms, health care, consumer and logistics. In July, the fund raised the total assets under management to 1 trillion won.

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

By Song Seung-hyun (ssh@heraldcorp.com)