South Korean oil refiner GS Caltex Corporation, a 50:50 joint venture between US oil giant Chevron and the local GS Group, this week said it had signed an agreement to acquire a stake in Vietnamese aftermarket services startup VI Automotive Services.

The deal is worth VND39bn (US$1.7m) and gives GS Caltex a 16.5% stake in VI Automotive Service, which operates a chain of around 50 car wash outlets across Vietnam. It is the South Korean company's first direct investment in Vietnam.

GS Caltex said it initially intends to market its range of automotive lubricants across VI Automotive Service's network. 

New vehicle sales in Vietnam declined by just over 24% to 145,689 units the first eight months of 2020 from 192,180 units a year earlier, according to data compiled by the Vietnam Automotive Manufacturers Association. Passenger vehicle sales declined by over 25% year on year to 106,689 units, while commercial vehicle sales were down by just over 20% at 39,000 units.

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By GlobalData