GS Caltex to acquires in Vietnamese car wash start-up

VI Automotive Service has a network of over 50 car wash sites across Vietnam.

GS Caltex Corp., South Korea's second-largest refiner by sales, has signed a deal worth 39 billion Vietnamese dong (US$1.6 million) with Vietnamese car wash startup VI Automotive Service.

The investment gives GS Caltex a 16.5% stake in VI Automotive Service, which operates a chain of some 50 car wash outlets in Vietnam, reports The Kore Herald.

VietWash is a Ho Chi Minh City-based car wash startup that is trying to push the Vietnamese car wash industry forward. In addition to the 50 sites it also runs car washes at 20 Petromilex gas stations.

GS Caltex, a 50:50 joint venture between GS Energy and Chevron Corp, also said it plans to sell lubricant products in the Southeast Asian country.