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Vingroup buys Ocean Retail Group, renames to VinMart

Update: October, 06/2014 - 08:06

Vingroup is now the owner of Ocean Retail Group's 13 supermarkets, as well as 40 others that are to be constructed in the future. — VNS Photo

HA NOI (VNS) — Vingroup announced on Friday that it has acquired 70 per cent of the total stake in Ocean Retail Group and renamed it VinMart Retail Group.

This acquisition means Vingroup is now the owner of Ocean Retail Group's 13 supermarkets, as well as 40 others that are to be constructed in the future.

Vingroup also announced its retail system development strategy involving the construction or purchase of 100 VinMart supermarkets and 1,000 VinMart+ convenience stores by 2017. The strategy aims to provide perfect service and quality goods to consumers.

Le Khac Hiep, Vingroup vice chairman, said: "Domestic and foreign investors have seen the large potential of the retail market in Viet Nam, so they are now expanding investments in the market."

He said that with the company's presence in the home market and its understanding of Vietnamese consumers' taste, its strategy would help Vingroup achieve a turning point in the market.

Earlier this year, VinGroup established VinEcom, with VND1trillion in charter capital, to create professional and reliable online retail channels. Last month, the company signed contracts to buy 50 million shares, or a 10-per cent stake, in Vinatex, in preparation for the establishment of VinFashion.

Euromoney financial magazine recognised Vingroup as the Best Retail Developer in Viet Nam for 2014, an award that the company first won in 2012. — VNS

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