Transaction values VinCommerce at $2.5 billion for 100 per cent of its equity.
The consortium led by the Singaporean sovereign wealth fund has collectively invested $500 million (VND11.6 trillion) for a minority stake in VCM Services and Trading Development JSC, a consumer retail arm of Vingroup.
Vingroup has acquired eight Queenland Mart stores in Ho Chi Minh City, enlarging its network of VinMart supermarkets and VinMart+ convenient stores to 2,122 outlets nationwide.
All 23 Fivimart stores will be intergrated into Vingroup’s system and renamed to Vinmart soon.
The race of convenience stores in Ho Chi Minh City is becoming fiercer than Hanoi despite the increasing cost and lack of space in the metropolitan area, according to the world's leading real estate investment and advisory firm JLL.
In the retail market with fierce competition and numerous retailers, whether the decision to open supermarket chain including Qmart and Qmart+ is the "gamble" of Do Quang Hien, Chairman of T&T Group.
Revenues of over 1,000 convenience stores and supermarkets of Vingroup have not fully covered the investment cost though there is no sign of stoppage on its continuous expansion.
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