VinMart expands network with Queenland Mart buyout

The acquisition of Queenland Mart is seen as the latest move by the local largest private conglomerate in its quest to enrich its retail ecosystem in Vietnam.

In April, Vingroup announced its buyout of the Shop&Go convenient store chain for $1.

Last year, the group also paid over VND1 trillion ($43.5 million) to take over 23 FiviMart supermarket stores from Nhat Nam JSC.

The value of the Queenland Mart deal nevertheless has not been disclosed this time.

The eight Queenland Mart stores will now join the Vingroup family, operating under the VinMart brand name alongside 112 other VinMart supermarkets.

Queenland Mart was established in 2014 by Ho Chi Minh City-based Vietnam Lotus Foods JSC.

According to VinMart, Queenland Mart membership will be transferred to Vingroup’s customer care service VinID to ensure customers’ benefits.