Selling all the shares to Vingroup, the 23 supermarkets of the Fivimart chain will be brought under the umbrella of Vinmart.
|All Fivimart stores will be renamed to Vinmart soon
VinCommerce, a subsidiary of Vingroup (code: VIC) has just announced completing the acquisition of the entire Fivimart chain of First Vietnam JSC (FIVI JSC), one of the retailers with a decade-long experience in Vietnam that holds several good locations in the middle of crowded trade hubs.
One month earlier, Japanese AEON Co., Ltd. dissolved its partnership with Hanoi-based Fivimart, divesting its 30 per cent stake in the firm. However, the deal value was not announced. At the same time, the Japanese firm decided to maintain its 49 per cent ownership in Citimart.
After the acquisition, the 23 Fivimart stores will be renamed to Vinmart. Vingroup's supermarket chain will focus on providing safe food, private agricultural product labels, processed food, and household goods in addition to consumer retail, food, and cosmetics.
Thai Thi Thanh Hai, general director of VinCommerce, said that Vinmart and Vinmart+ stores will not only be located in Vinhomes urban areas and Vincom trade centres, but also expand to residential areas and serve most customers, according to VinCommerce's development plan.
"The acquisition of Fivimart is just one step to realise this plan," said Hai.
This acquisition is also part of the plan to expand the number of Vingroup’s stores to 200 Vinmart units and 4,000 Vinmart+ convenience stores by 2020.
Fivimart was established in 2007 and is operated by FIVI JSC, while Vinmart was established in November 2014. Currently, VinCommerce operates 100 VinMart supermarkets and 1,400 Vinmart+ convenience stores across the country.