Leading Vietnamese realty firm opens more retail outlets in Ho Chi Minh City
Monday, March 09, 2015, 18:11 GMT+7
Leading Vietnamese realty firm Vingroup has opened another Vinmart supermarket in downtown Ho Chi Minh City and will inaugurate 10 Vinmart+ convenient stores at the same time in the same city on Tuesday, newswire Vietnamplus reported on Monday.
The listed realty conglomerate put the Vinmart supermarket into operation yesterday at the shopping mall Vincom Center B at 72 Le Thanh Ton Street in District 1.
The supermarket is located on two floors with a total area of over 4,000m².
It is the second such supermarket Vingroup has opened in Ho Chi Minh City and the 14th nationwide.
The realty group, coded VIN on the Ho Chi Minh Stock Exchange, will launch 10 Vinmart+ convenient stores at the same time tomorrow, Vietnamplus said.
The Vinmart+ chain, including mini-supermarkets and convenient stores, is located in central business districts, such as District 1 and District 4, and key residential areas in outlying areas like District 2, Phu Nhuan, Binh Thanh, Tan Binh, Go Vap, Thu Duc, and Nha Be.
Vingroup has planned to open 368 Vinmart+ stores nationwide in 2015.
The opening of the Vinmart supermarket and Vinmart+ convenient stores is part of Vingroup’s development strategy to expand in the retail market in which it set foot in 2013.
In October 2014, Vingroup announced the acquisition of a 70 percent stake in Ocean Retail Co., which was under Ocean Group, getting involved deeper in the lucrative retail market.
After the acquisition, Ocean Retail Co. was renamed Vinmart Supermarket and Vingroup introduced two new brands, Vinmart supermarkets and Vinmart+ convenient stores with plans to build a distribution network of 100 supermarkets and a chain of 1,000 convenience stores across Vietnam in the next three years.
As of October 2014, Ocean Retail had 13 stores and planned to add 40 venues across the country.
One month earlier, Vingroup announced the purchase of a 10 percent stake in the state-run Vietnam National Textile And Garment Group (VINATEX), the owner of the VinatexMart supermarket chain with many outlets in 26 provinces and cities throughout the country.
Vingroup stepped into the retail market with a string of shopping centers for children. It has also set up companies specializing in e-commerce, VinE-Com, and in fashion, the VinFashion firm.
The group has its shopping malls situated at prime locations in the country’s two biggest cities, namely Vincom Centers in Ho Chi Minh City and Vincom Mega Mall at Royal City and Times City in Hanoi.
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