After completing the acquisition of the Emart hypermarket system, Truong Hai Auto Corporation (THACO) is planning to open two more Emart outlets in Ho Chi Minh City next year.
|After the acquisition of Emart, THACO is beginning to expand the supermarket chain next year |
In May, THACO signed an agreement to acquire 100 per cent of the capital of Emart Vietnam Co., Ltd. The Vietnamese conglomerate announced that it has completed the transaction and officially became the new owner of Emart Vietnam from September 27.
Under the agreement, THACO will be responsible for operating, managing, and expanding the Emart chain in Vietnam. Meanwhile, Emart Korea will send a senior management team to maintain the supply of private label goods from Korea to the chain at competitive prices.
Besides two Emart outlets in Ho Chi Minh City, THACO plans to expand the chain to 10 stores by 2025. During the annual general meeting of shareholders in 2021, THACO announced that it would establish a new subsidiary named THISO to invest and develop a variety of commercial and service businesses including supermarkets, conference centres, food and beverage chain, and indoor entertainment through franchise and joint venture with branded partners as well as greenfield investment.
Tran Ba Duong, chairman of THACO, said that the retail system will bring added value and create an ecosystem for customers, thereby implementing the one-stop-shop strategy with many conveniences to the corporation.
Since its debut in Vietnam in 2015, Emart planned to open 10 hypermarkets within five years. At present, the retailer has only one hypermarket in Go Vap district of Ho Chi Minh City. The retailer failed to realise its expansion plans due to challenges in securing licenses and development sites. After THACO completed the acquisition Emart Vietnam this month, THISO will be in charge of managing this retail chain.