US global equity firm Warburg Pincus announced that it has invested an additional US$100 million into Vincom Retail, a subsidiary of Vingroup, raising its total investment in the Vietnamese company to US$300 million.

Earlier, in May 2013, Warburg Pincus poured US$200 million into Vincom Retail, which currently has 20 shopping centres in operation or under development throughout the country.

The follow-on makes Warburg Pincus’s investment one of the largest ever made by a private equity firm in Vietnam and signifies its confidence in Vingroup’s strong performance and vision for the retail market in Vietnam, said Vingroup CEO Duong Thi Mai Hoa.

Vincom Retail’s shopping centres in Hanoi, Da Nang and Ho Chi Minh City have attracted more than 700 global and local brands such as Robins, CGV, Lacoste and Vinmart, and are transforming the shopping, dining and entertainment scene in Vietnam.

The Vingroup CEO said Vincom Retail’s size had more than tripled since it began the partnership with Warburg Pincus two years ago and expressed her belief that the new investment would help the company accelerate its retail expansion efforts.

Warburg Pincus Managing Director Jeffrey Perlman said he was pleased with the growth of Vincom Retail and had strong confidence in Vietnam’s long-term economic prospects as a result of continued urbanisation and growing consumption by an emerging middle class.

Vingroup and its subsidiaries are the largest listed developer and manager of real estate, hospitality and entertainment properties in Vietnam with market cap of US$3.2 billion as of June 2015.

Warburg Pincus is a leading global private equity firm focused on growth investing with more than US$35 billion in assets under its management. It has raised 14 private equity funds which have invested more than US$50 billion in over 720 companies in more than 35 countries.