Saigon Co.op to Expand Supermarket Chain This Year

The Ho Chi Minh City Commercial Cooperative Union (Saigon Co.op), Vietnam's leading retail chain store operator, will develop more supermarkets and convenience food stores nationwide this year, General Director Nguyen Thi Hanh said at a meeting to review its performance in 2008 and set targets for 2009

 

This is part of its plan by Saigon Co.op to sharpen its competition as the country started opening its retail market for foreign firms since early this year, Ms Hanh noted.

 

Saigon co.op will raise the number of supermarkets to 50 from the current 35 and that of the newly-formed food stores to 22 from the two, by late this year, Hand added.

 

She added that the company will open an additional ten convenience stores in Ho Chi Minh City, lifting its total to over 80 in the city this year.

 

The upcoming supermarkets costing about VND60 billion each will be located in Ho Chi Minh City, Ba Ria Vung Tau, Ninh Thuan, Binh Phuoc, Long An, Kien Giang and Danang.

 

Saigon Co.op has set a target to increase the number of supermarkets nationwide to 100 by 2015.

 

The company earned revenues of over VND6.35 trillion (US$375.73 million) last year, up 48.9 per cent on-year, with the Co.opMart chain contributing around VND6.2 trillion, or 97.63 per cent.

 

Saigon Co.op is expected to obtain VND9 trillion in revenue this year. (STD)