Monday, November 19 2018

VietNamNews

Vingroup finishes acquisition of Viễn Thông A retail chain

Update: November, 06/2018 - 11:54
Vingroup finishes acquisition of Viễn Thông A retail chain. - Photo ictnews.vn
Viet Nam News

HÀ NỘI — A representative of Vingroup confirmed on November 5 that the group has completed an acquisition of the Viễn Thông A retail chain.

Initial work on the deal began early this year and the buy-out was finalised in September.

Vingoup has taken over leadership positions at Viễn Thông A, assigning Mai Thu Thủy as its director and legal representative.

Thủy has held many important positions at Vingroup, such as chairwoman of Vincom Mega Mall Royal City, chairwoman of Vietnam Investment Group JSC’s board of directors and member of Vincom Retail JSC’s board of directors. Thủy was a major shareholder of Vingroup.

Some retail experts said the acquisition of Viễn Thông A may help Vingroup bring its Vsmart phones to consumers faster and more efficiently. Vsmart is a brand name of Vingroup that announced its production plans earlier this year. The brand is part of Vingroup’s strategy on expanding industrial production.

According to data from Retail Asia Publishing and Euromonitor, the Viễn Thông A Import Export Trading Production Corporation owns 310 stores and a service centre named Viễn Thông A with a total floor area of 61,000 sq.m. HCM City-based Viễn Thông A is a popular retailer of tech goods, after Thế Giới Di Động (Mobile World) and FPT Shop. — VNS

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