Business

Japanese retailer partners with two local businesses

Japan’s retail giant Aeon announced that it has formed a business alliance with two Vietnamese retailers namely Fivimart Co., and CitiMart Co., with a view to expanding its operation in the country.
Japan’s retail giant Aeon announced that it has formed a businessalliance with two Vietnamese retailers namely Fivimart Co., and CitiMartCo., with a view to expanding its operation in the country.

Accordingto the Kyodo news agency, Aeon decided to take 30 percent of stake inFivimart Co. and a 49 percent stake in Citimart Co. The two Vietnamesecompanies now run nearly 50 stores in Hanoi and Ho Chi Minh City .

Underthe tie-up, Aeon’s Top Value-branded products will be put on sale inFivimart and Citimart supermarket chains. The Japanese firm will alsocollaborate with the two Vietnamese partners in developing products andexpand supply systems.

Aeon launched its first shopping mall inHo Chi Minh City in January 2014, followed by another outside thecity in November. It plans to open the third mall in Hanoi by theend of 2015.

The Japanese retailer sees the country as its secondmost important market in Southeast Asia after Malaysia and is aiming tohave 200 stores in Vietnam with total sales increasing to 100 billionJPY.-VNA
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