SK Group, South Korea's third-largest conglomerate, said Sunday it will provide US$30 million to support the building of Vietnam's tech innovation center.
SK Group Chairman Chey Tae-won reached a funding agreement with Vietnamese Prime Minister Nguyen Xuan Phuc during his three-day visit to the Southeast Asian nation last week, according to the group.
Vietnam's National Innovation Center (NIC), which will be located at an industrial complex in Hanoi, will host some 40 major tech firms and 150 startups. It is expected to be completed next year, according to SK.
The energy-to-telecom conglomerate has been strengthening its presence in Vietnam in recent years.
Last month, SK Group announced it will buy a 6.1 percent stake in Vingroup, Vietnam's leading conglomerate, for $1 billion. Last year, SK Group bought a 9.5 percent stake in Masan Group Corp., Vietnam's second-largest privately run conglomerate, for $470 million.
In August 2018, its five affiliates, including SK Holdings Co. and SK Innovation Co., established a joint entity named SK South East Asia Investment Pte. Ltd. in Vietnam to launch promising opportunities in the burgeoning Southeast Asian market. (Yonhap)