GS Caltex injects $1.7mln for 11.56% stake in smart car wash chain Vietwash

Xuan Thinh Wednesday | 10/07/2020 10:48

Photo courtesy of Vietwash

Vietnam’s first smart car wash chain Vietwash has received an investment of $1.7 million from South Korea’s energy firm GS Caltex, according to a statement from the firm.

The Vietnamese startup which has 51 car wash stores nationwide, mostly in Ho Chi Minh City plans to double the store number by 2022 and introduce maintenance service after closing the deal with Caltex.

The company which was established in 2014 received an investment of $1 million from VIG in 2016.

On average, Vietwash serves more than million turn of clients a year, including cars and motorcycles. Cars account for more than 60 percent of revenue.

GS Caltex, which operates autoOasis with 1,000 stores in South Korea will bring the franchised car maintenance chain Vietnam.

The source said both companies will expand Vietwash's car maintenance service on experience from the Korean market.

GS Caltex is a member of GS Group, one of the largest energy firm in South Korea. GS Caltex operates the 6th largest oil refinery in the world. In Vietnam, GS Caltex has been trading in lubricants since 2017.

Vietwash expects Vietnam’s auto maintenance market value to reach $1.3 billion in 2020.