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Japanese retail giant Aeon buys into local competitors

Japanese retail giant Aeon buys into local competitors

Saturday, January 31, 2015, 12:19 GMT+7

Japanese retail group Aeon has recently established a joint venture with two large supermarket chains in Vietnam by buying a large stake in them.

Accordingly, Aeon has decided to buy a 30 percent stake in Hanoi-based Fivimart and 49 percent of Ho Chi Minh City-based Citimart, according to Nikkei Asian Review newswire. However, Aeon did not disclose the value of the deals.

Fivimart currently has 20 supermarkets in the capital city of Hanoi, while Citimart has 27 supermarkets, mainly in the southern economic hub of Ho Chi Minh City.

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