Singaporean investment fund divests from VinasunAfter losing more than VND125 billion (US$5.5 million) in Vinasun, Singaporean investment fund Government of Singapore (GIC) announced a full divestment from Vietnam Sun Corporation (VNS). — Photo enternews.vnAccordingly, the fund no longer holds any shares of Vinasun, reported Tien Phong (Vanguard) newspaper. The investment fund of the Government of Singapore invested in Vinasun in August, 2014, when car-hailing applications had not been popular in Viet Nam. The development of Uber and Grab has since put pressure on traditional Vietnamese taxi companies, including Vinasun. The goal for before-tax and after-tax profit also decreased by 50 per cent to VND119 billion and VND95 billion, respectively.

Source: VietNamNet News June 05, 2018 07:41 UTC