The investment will be made through SK Southeast Asia Investment, a unit the Korean chaebol set up in August last year.
An email sent to Vingroup went unanswered at the time of publishing this article.
The news report said, SK Group would form a consortium with financial investors to initiate the transaction next month, which will see its subsidiary investing $500 million in the Vietnamese major.
The development comes on the heels of an earlier announcement by Vingroup to issue a private placement to raise around $1 billion. The 250 million shares, accounting for a 7.8 per cent stake, will be up for sale to up to five institutional investors at the minimum price of VND100,000 apiece.
Last year, Vingroup, which has been dubbed “the Samsung of Vietnam”, raised $400 million in private placement to Hanwha Asset Management.
From a real estate business, Vingroup has grown into a conglomerate of retail, hospitality and entertainment, logistics, e-commerce, education, healthcare and most recently automobile, technology and smartphone manufacturing.
Vingroup is the parent firm of Vincom Retail and Vinhomes, the two companies that scored the biggest IPOs in the country garnering $740 million and nearly $1 billion, respectively.
Both Vingroup and Masan are among the 10 biggest Vietnamese listed firms by market capitalisation, with Vingroup on top of the list ($16.4 billion).