The acquisition is a further step in the group's long term plans.
Vietnam National Textile and Garment Group (Vinatex) has officially transferred 100 per cent share of Vietnam Textile Fashion Trading Company Ltd., (Vinatexmart) to VinMart Supermarket Co., which operates under the parent corporation Vingroup. VinMart will now own 39 Vinatexmart stores in 19 provinces throughout the country.
The business combines the advantages of Vinatexmart's distribution and the powerful financial resources and management experiences of Vingroup, with the aim of promoting the group's development plan.
Speaking at the signing ceremony Ms. Truong Mai Hoa, General Director of Vingroup, said that Vietnam’s retail market has a lot of potential to develop in the long-term. Recently, many leading retail groups around the world have invested significantly in Vietnam with a variety of business models. “The merger will contribute to our plan to expand to 100 supermarkets and 1,000 convenience stores within three years,” said Ms. Hoa.
Vinatexmart is a subsidiary owned by Vinatex. It operates supermarkets in 19 provinces and cities through the country. Recently, the business at Vinatexmart has been fairly quiet despite operating out of many prime locations.
Vingroup previously bought a 70 per cent share of Ocean retail and rebranded it as VinMart. The group operates 14 VinMart supermarkets and 23 VinMart+ convenience stores.