Acquisition part of strategy to expand retail network and lead market.
Vingroup has announced its 100 per cent acquisition of the Maximark commercial center - supermarket system from the An Phong Investment JSC.
According to Mr. Le Khac Hiep, Deputy Chairman of Vingroup, the acquisition is part of its strategy to expand the scale of its retail network and secure market leadership, empowering Vietnamese brands to compete with foreign brands in Vietnam.
Maximark has a modern and reputable distribution system in the south-central and southern region.
After completing all procedures, Maximark’s entire commercial center - supermarket system will be converted into Vinmart or Vinmart + or become a member of Vincom’s retail system under the Vincom name.
“Besides providing a modern shopping experience to Vietnamese people, Vingroup will also cooperate with local firms to maintain the market share of Vietnamese goods and increase their competitiveness,” Mr. Hiep added.
As at October there were 125 Vinmart and Vinmart+ retail outlets throughout the country. Vincom retail also has 12 commercial centers and Vincom Mega Mall has come into operation. It is expected to have about 40 shopping centers in 2016 and develop 100 more nationwide by 2020.