It would get a minority stake in VCM Services and Trading Development JSC (VCM), a subsidiary of Vingroup engaged primarily in consumer retail in Vietnam, GIC said in a statement on its website on Monday.

While the amount of stake has not been disclosed, GIC said Vingroup would remain the controlling shareholder after the transaction.

"As a long-term investor, GIC is confident in the growth outlook for disposable incomes and household consumption in Vietnam," the statement said.

VCM operates the VinMart+ and VinMart chains. There are more than 108 VinMart supermarkets and some 1,700 VinMart+ convenience stores across the country.

Vingroup, which began as a real estate and retail company, has grown to become Vietnam’s largest listed company with a market cap of VND410.21 trillion ($17.71 billion) as of Tuesday.

It now has interests in education, healthcare, entertainment, retail, agriculture, and automobile manufacturing.

Last month it applied for a license to launch an airline next year, and has opened an aviation school to train pilots and other personnel.

GIC was established in 1981 to manage Singapore’s foreign reserves. It now manages over $100 billion in assets in over 40 countries, according to its website.