Vingroup buys Vinatex’s supermarket chain
(VOV) - Vietnam's leading property developer Vingroup announced on April 10 that it is acquiring all of the outstanding shares of a subsidiary supermarket chain of 39 stores currently owned by the Vinatex group.
The move is part of Hanoi-based Vingroup's expansion plan into the retail sector where it aims to open 100 supermarkets and 1,000 convenience stores over a three-year period starting 2014, the company said in a news release.
"The Vietnamese retail market is an attractive target market with long-term potential," said Vingroup's general director Duong Thi Mai Hoa, adding that the purchase will support the group's goal to be a leading Vietnamese retailer amid rising investment from foreign investors.
Tran Quang Nghi, Vinatex’s general director confirmed the deal but neither Vinatex nor Vingroup disclosed the value of the deal.