Car wash operator raises 1.7 million USD from RoK firm
Vietwash, which runs a chain of car washes in Vietnam, recently announced it had raised 1.7 million USD for its current round of financing from the Republic of Korea’s energy company GS Caltex.
Vietwash executives in HCM City on October 5. (Photo: VNS)
HCM City (VNS/VNA) - Vietwash, which runs a chain of car washes in Vietnam, recently announced it hadraised 1.7 million USD for its current round of financing from theRepublic of Korea’s energy company GS Caltex.
It said the money would enable it to further strengthen its position as aleader in the automotive services industry in Vietnam and improve the customerexperience.
The company plans to expand to have more than 100 facilities in HCMCity and other cities in the next few years, it said.
It will invest in training staff, upgrade waiting areas and acquire advancedcar wash technologies.
GS Caltex, along with autoOasis, its auto maintenance franchise, plans like tocreate opportunity in auto maintenance services and help VietWash expandits services to car maintenance using Korean technology and know-how.
Lai Anh Vu, operations director of Vietwash, said: “We are honoured towelcome GS Caltex, a leader in the energy industry to join our roster ofstrategic investors and partners.
“After five years in the local market, Vietwash has established itscredibility and remains the leading choice for Vietnamese customers when itcomes to car services. This is timely to capture the local market’s automotivegrowth.”
The automotive industry is booming with car sales by unit growing ata compounded annual rate of 17.2 percent over the lastseven years, thanks to rising incomes and improving road infrastructure.
The automotive maintenance market is expected to be worth $1.3 billion thisyear, but it is highly fragmented with authorised dealerships and individualplayers.
Vietwash, founded in 2014, is the country’s leading car wash operator with over50 facilities./.
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Vietwash executives in HCM City on October 5. (Photo: VNS) 
