Vingroup said the money raised would be used to fund the units’ projects, and that Singapore’s Credit Suisse Group acted as a consultant for the deal.

Under the agreement, GIC will purchase Vinhomes’ shares and provide a debt-like instrument to the subsidiary, subject to mandatory regulatory and other conditions. Their combined value amounts to about US$1.3 billion.

Vinhomes offers luxury serviced apartments and villas across the country. The unit which has chartered capital of roughly VND26.4 trillion (US$1.15 billion) filed an application early this month to list more than 2.6 billion shares on the Hochiminh Stock Exchange.

Meanwhile, GIC is now one of the largest financial investors on the Vietnamese capital market. It has injected money into the country’s fast-moving consumer goods giant Masan Group Corporation, low-cost carrier Vietjet Air, dairy processor Vinamilk, tech giant FPT and Vinasun Corporation, among others.

In a related development on foreign indirect investment, Cat Dong Trading and Services JSC, the owner of the e-commerce website Cungmua.com, on Monday reported that it had sold a 26.9% stake to Japanese online marketer Scroll Corporation. But it did not disclose the value of the deal.

The foreign investor will have two seats in Cat Dong’s board of directors, and will dispatch its experts to the Vietnamese partner as official staff members responsible for improving consultancy and online retail activities.

Cat Dong’s general director Ho Quang Khanh said the deal is expected to help his company stabilize its product strategy, distribute tours and sell Japan-made goods and its own products.

Cat Dong, launched in 2010 as a website selling vouchers, owns multiple e-commerce websites, provides e-commerce solutions related to logistics, freight and online marketing. Meanwhile, Scroll is a Japanese e-commerce company trading in fashion goods, cosmetics and dietary supplements.