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Vietnam's Vingroup says buying Vinatex's supermarket chain

Friday, April 10, 2015, 15:35 GMT+7
Vietnam's Vingroup says buying Vinatex's supermarket chain
This photo shows local consumers do the shopping at Tan Thuan Vinatexmart in District 4, Ho Chi Minh City.

Vietnam's leading property developer Vingroup is buying all of garment producer Vinatex's shares in a subsidiary, enabling it to take over 39 supermarkets, Vingroup said on Friday.

The move is part of Hanoi-based Vingroup's expansion plan in 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.

Vingroup did not disclose the value of the deal. VIC shares were up 2.2 percent at 47,100 dong ($2.18) each on Friday.

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Reuters

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