Illustrative image (Source: vingroup.net)Hanoi (VNA) - The property and retail conglomerate Vingroup JSC(Vingroup) has denied information that it plans to sell its supermarket chainVinMart to the US convenience store giant 7-Eleven, local media reported.
LeKhac Hiep, Vice Chairman of Vingroup, said that Vingroup will not sell itssupermarket chain VinMart at any price.
“Firstly,Vingroup will never sell its Vietnamese brands to foreign investors,” saidHiep. “Secondly, Vingroup will not sell its retail chain, which is developingwell on the way to become the group’s second spearhead business unit.”
InVietnam, Vingroup holds the largest share of the retail market, and it has thefastest development speed – with about 1,000 supermarkets and convenience storesnationwide.
“Vingroupis exceeding other competitors regarding market coverage, growth rate, businessscale and prospects.”
“Vingroupis also determined to build a reputable, efficient retail business that canconnect local production to customers in order to develop a safe, standardisedconsumption industry for Vietnamese people.”
Inaddition, the retailer expects to be strong and competitive enough to protectand promote local businesses in the consuming production chain, he added.
Thestatement was made a few days after the Australia-based retail news publisherInside Retail reported last week that 7-Eleven “plans to enter Vietnam bytaking over Vingroup’s VinMart chain”.
Ina statement from the US last year, 7-Eleven said it will build stores andconvert “existing locations”. Now, industry insiders are saying the group willswallow VinMart , but there has been silence from both brands, Inside Retailreported.
7-Elevenhas yet made any offers to Vingroup, Hiep said, adding it could be a one-wayinterest from 7-Eleven or speculation from Inside Retail.
In2017, Vingroup plans to cover at least 30 provinces and cities in total byopening an addition of 70-80 VinMart supermarkets and about 1,500 VinMartstores, as well as develop the shopping mall network in other provinces anddistricts.
VinMartis Vietnam’s largest convenience store chain with more than 700 outlets. It hasplans to expand to 10,000 stores in next 10 years.-VNA
LeKhac Hiep, Vice Chairman of Vingroup, said that Vingroup will not sell itssupermarket chain VinMart at any price.
“Firstly,Vingroup will never sell its Vietnamese brands to foreign investors,” saidHiep. “Secondly, Vingroup will not sell its retail chain, which is developingwell on the way to become the group’s second spearhead business unit.”
InVietnam, Vingroup holds the largest share of the retail market, and it has thefastest development speed – with about 1,000 supermarkets and convenience storesnationwide.
“Vingroupis exceeding other competitors regarding market coverage, growth rate, businessscale and prospects.”
“Vingroupis also determined to build a reputable, efficient retail business that canconnect local production to customers in order to develop a safe, standardisedconsumption industry for Vietnamese people.”
Inaddition, the retailer expects to be strong and competitive enough to protectand promote local businesses in the consuming production chain, he added.
Thestatement was made a few days after the Australia-based retail news publisherInside Retail reported last week that 7-Eleven “plans to enter Vietnam bytaking over Vingroup’s VinMart chain”.
Ina statement from the US last year, 7-Eleven said it will build stores andconvert “existing locations”. Now, industry insiders are saying the group willswallow VinMart , but there has been silence from both brands, Inside Retailreported.
7-Elevenhas yet made any offers to Vingroup, Hiep said, adding it could be a one-wayinterest from 7-Eleven or speculation from Inside Retail.
In2017, Vingroup plans to cover at least 30 provinces and cities in total byopening an addition of 70-80 VinMart supermarkets and about 1,500 VinMartstores, as well as develop the shopping mall network in other provinces anddistricts.
VinMartis Vietnam’s largest convenience store chain with more than 700 outlets. It hasplans to expand to 10,000 stores in next 10 years.-VNA
VNA
