The Vinmart Supermarket Joint Stock Company of the country's leading property firm Vingroup has signed a contract to buy a 100 percent stake in the VinatexMart supermarket chain.
The Vinmart Supermarket Joint Stock Company of the country's leadingproperty firm Vingroup has signed a contract to buy a 100 percent stakein the VinatexMart supermarket chain.
VinatexMart,one arm of the State-run Vietnam National Textile and Garment Group(Vinatex), has 58 outlets in 26 provinces and cities nationwide.
Its supermarkets stock 60,000 items from five main categories of goodssuch as garments and textiles, fresh food, cosmetics and homeappliances.
Director General of Vingroup Duong Thi MaiHoa said the Vietnamese retail market is an attractive area withlong-term potential, which has recently seen forays being made byseveral global retailers.
VinatexMart's acquisitionwas a stepping-stone for Vingroup to reach its goal of establishing 100supermarkets and 1,000 convenience stores by 2017, she said.
VinMart has so far launched 14 supermarkets and 23 convenience storesin localities such as Hanoi, Ho Chi Minh City, Quang Ninh and Hai Duong,besides Ninh Binh.
Vingroup purchased a 10 percentstake in Vinatex at its initial public offering last year. SellingVinatexMart is part of the Vinatex textile conglomerate's restructuringplan./.
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