DataSpeaks Vietnam’s retail sales jump to US$74bln in first 7 months
The Republic of Korea's GS Retail has chosen Vietnam as the first foreign market to launch its GS25 convenience store brand in.
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“We received requests from many countries, including China and other Southeast Asian countries, to export our brand,” said a GS Retail spokesman. “After months of research, we concluded that Vietnam had the largest potential for growth.”
Convenience stores have been taking off across Vietnam this year with the "aggressive expansion" of some foreign brands that now hold a combined 70 percent of the market share, according to the trade ministry.
A combination of rapidly rising incomes and relaxed regulations for foreign retailers have made it the perfect time to dive into the Vietnamese market.
GS Retail expects its entry into the Vietnamese convenience store market to be a stepping stone for further overseas expansion, particularly in Southeast Asia and China, said a company official.
In June, Japanese giant 7-Eleven stepped into the market and now has four outlets in Ho Chi Minh City.