Viet Nam News
HÀ NỘI — Vingroup’s retail arm, VinCommerce, has completed the acquisition of the Fivimart supermarket system, according to a Vingroup press release published yesterday.
It has acquired 100 per cent of Fivimart from its operator, the Nhất Nam Joint Stock Company, to own all 23 Fivimart supermarkets.
These stores will be soon renamed to VinMart, the supermarket brand of Vingroup.
“In VinCommerce’s development strategy, VinMart and VinMart + will be established not only Vinhomes residential complexes but also other residential areas nationwide. This deal is one step in realising this strategy,” said Thái Thị Thanh Hải, VinCommerce CEO.
Besides continuing to sell consumer goods, food, home appliances and cosmetic utensils, these new supermarkets will also sell safe and fresh food and products with Vingroup’s brands such as VinEco agricultural products, VinMart Cook’s pre-processed foods and VinMart Home consumer goods.
Vingroup’s supermarket system was launched in 2014. After less than four years, the system of VinMart and VinMart + has had the largest scale and fastest growth rate in Việt Nam.
The deal between VinCommerce and Fivimart came after retail giant AEON terminated its deal with Hà Nội-based Fivimart after four years due to losses, selling its 30 per cent stake in Fivimart.
Speculation about the divorce between Fivimart and Aeon started in early September.
Since the beginning of their partnership since 2015, Fivimart increased its supermarkets from 10 to 23, while revenue jumped from VNĐ1.07 trillion (US$45.64 million) to VNĐ1.3 trillion during the 2015-17. — VNS