South Korea's GS Caltex pours $1.7 million into car wash chain operator Vietwash

Vietwash raised $1.7 million in its current round of financing from GS Caltex

The new investment will enable Vietwash to futher capitalise on its position as a leader in automotive services industry in Vietnam and to improve the customer experience significantly. It plans to expand its business to more than 100 stores in Ho Chi Minh City and different cities within the next few years. Moreover, Vietwash will invest in training staff for better customer service, upgrading waiting room areas, and adopting advanced car wash technology to provide industry-leading customer experience.

In addition, GS Caltex, along with autoOasis – its auto maintenance franchise – would like to create opportunities in auto maintenance services area and support VietWash in expanding its car services to car maintenance services with modern Korean technology and operational know-how.

Lai Anh Vu, operation director of Vietwash, said, "We are honoured to welcome GS Caltex, a leader in the energy industry to join our 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 that this newest investment funding affirms our commitment to extending our wide range of service offerings and enhancing customer experience. More importantly, this is timely to capture the local market's automotive growth."

On the same note, Huh Cheol Hong, vice president of GS Caltex's Business Innovation Division said that, "Vietnam is one of the fast-growing countries in the world. Petrolimex, a strategic partner of Vietwash, is a driving force for Vietnam's economic growth. Vietwash is Vietnam's largest car wash startup with innovative technologies. The business area centered on Ho Chi Minh City will be able to expand all over Vietnam. I believe that this investment is the first step in estalishing a long-term relationship with each other by diversifying businesses such as car maintenance and operating them within Petrolimex gas stations."

Established in 2014, Vietwash operates a standardised car wash chain with over 50 stores nationwide, becoming the leading car wash operator in Vietnam. Vietwash operates most of its stores in gas stations in big cities and is a strategic partner of Petrolimex and other oil and gas companies.

Meanwhile, GS Caltex is an entity of GS Group, which is one of the most competitive energy companies in South Korea that presistently strives to become a leader in the global energy industry. GS Caltex operates the sixth-largest plant in the world as a single plant and has made continuous development over the past 50 years with remarkable achievements.