Vietnam’s Vingroup has announced that it will merge its tourism and property development arms, Vinpearl and Vincom. The companies’ boards of directors met on 4 October complete the merger, which will see the formation of a new company; the Vietnam Investment Group Joint Stock Company. The move is expected to boost the two companies’ financial capacity and brand awareness.
“The merger is aimed to improve business administration and consolidate leadership and business strategies. Following the merger, there should be increased mutual support in new business and investment plans,” DTI News reported Vingroup’s Chairman, Le Khac Hiep as saying.