Vietnamese conglomerate Vingroup has announced its decision to fully divest from SDI Investment and Commercial Development LLC. SDI holds a majority stake in Vincom Retail, a major player in Vietnam's shopping center sector. The sale will be completed by late 2024, with Vingroup ceasing to be SDI's parent company.

Though Vingroup will no longer control SDI, it will retain a significant direct stake in Vincom Retail. This move reflects Vingroup's strategic shift to concentrate resources on its highest-potential brands.

A Vingroup representative stated, "This is a pivotal time to [focus] on vigorously developing Vingroup and its key brands... channeling all efforts, especially financial resources, to create momentum for breakthrough development."

Vincom Retail's operations and management remain unaffected, with Vingroup maintaining a management contract with the retail subsidiary. Vincom Retail had a strong 2023, with revenue growing by 33%. It currently operates 83 shopping centers nationwide, with plans to open six more this year.