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Wednesday, October 28, 2020

Vietwash receives US$1.7 million from Korean energy company

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HCMC – Vietwash, a car wash chain operator, on October 6 announced that it raised US$1.7 million during its current round of financing from GS Caltex, a leader in the global energy industry, enabling Vietwash to further capitalize on its position as a leader in the automotive services industry in Vietnam and significantly improve the customer experience.

Founded in 2014, Vietwash operates some 50 carwash stores nationwide and plans to expand its business to more than 100 stores in HCMC and different cities in the next few years.

GS Caltex, along with autoOasis – its auto maintenance franchise, would like to create opportunities in the auto maintenance services area and support VietWash expand its car services to car maintenance with Korean modern technology and operational knowhow.

Lai Anh Vu, operation director of Vietwash, said the company was honored to welcome GS Caltex to join its roster of strategic investors and partners. After five years in the local market, Vietwash has established its credibility and remains the leading choice for Vietnamese customers when it comes to car services.

“We believe this newest round of funding affirms our commitment to extending the wide range of service offerings and enhancing the customer experience. More importantly, it is timely to capture the local market’s automotive growth,” Vu said.

Huh Cheol Hong, vice president of GS Caltex, business innovation division, noted that Vietnam is one of the fastest growing countries in the world. Vietwash is Vietnam’s largest car wash start-up with innovative technologies. He believed that the business area currently centered in HCMC would be able to expand all over Vietnam.

“I believe this investment is the first step toward establishing a long-term relationship with each other by diversifying businesses such as car maintenance and operating them within Petrolimex gas stations,” he said.

The automotive maintenance market is expected to reach US$1.3 billion in 2020. However, it is still fragmented with authorized dealerships and individual players; there is plenty of room for chain operators.

GS Caltex is an entity of the GS Group, which is one of the most competitive energy companies in Korea. GS Caltex operates the 6th largest plant in the world as a single plant and has made continuous developments over the past 50 years with remarkable achievements.

GS autoOasis is an auto maintenance service operated by its subsidiary, GS MBiz. In September 2019, GS Caltex signed a memorandum of understanding with Vietnam’s Petrolimex Saigon to share its expertise in operating fuel service stations.

By Hung Le

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