Korean convenience store chain to open first branch in Vietnam

GS Retail Co., a major convenience store chain operator in the Republic of Korea (RoK), said on January 17 that it will open its first two foreign branches in Vietnam. 

GS Retail Co.'s two GS25 stores will open in Ho Chi Minh City, on January 19 and January 23. (Photo: pulsenews.co.kr)

GS Retail Co.'s two GS25 stores will open in Ho Chi Minh City, on January 19 and January 23. (Photo: pulsenews.co.kr)

The move is made in the context of local convenience stores seeking to expand overseas amid fierce competition at home.

The company’s two GS25 stores will open in Ho Chi Minh City, on January 19 and January 23. It plans to increase the number of stores in operation in Vietnam to 2,000 in the next 10 years. 

The launch of the stores came about six months after GS Retail signed an agreement with local company Son Kim Group to tap into the Southeast Asian country.

Earlier, BGF Retail Co., the operator of the RoK's largest convenience store chain CU, opened a store in Iran in November, 2017, marking the first overseas expansion for a local convenience store operator.

Revenue of convenience stores in the RoK, dominated by three chains -- CU, GS25 and 7-Eleven, surpassed the 20 trillion won (17.5 billion USD) in 2016, up 18.6 percent from 17.2 trillion won the previous year.

Vietnamplus

Other news

Most view

The VN-Index of the Ho Chi Minh Stock Exchange (HoSE) rose 21.12 points on July 18 (Photo: VNA)

VN-Index rises over 21 points

The VN-Index of the Ho Chi Minh Stock Exchange (HoSE) rose 21.12 points on July 18, with 223.9 million shares worth over 4.9 trillion VND (211 million USD) traded. 

Banking-finance

VNPT & SeABank cooperate to enhance connections

The Vietnam Posts and Telecommunications Group (VNPT) and SeABank just co-signed cooperation agreement, aiming to develop the two sides’ economic, business and investment potential.


Economy

185 leading domestic & in't enterprises join in VN ETE 2018

The Vietnam Exhibition of Electrical Technology and Equipment (Vietnam ETE 2018) and the Exhibition of Products, Technologies for Energy Saving and Green Power (ENERTEC EXPO 2018) yesterday kicked off in HCMC’s Saigon Exhibition Convention Center in district 7.

Self - introduction

VNPT targets to be leading digital service provider in Vietnam

The grand opening ceremony of the VNPT-Information Technology Company (VNPT-IT), a new member of the Vietnam Posts and Telecommunications Group (VNPT), was held yesterday in Hanoi. With thousands of IT engineers and the focus on developing state-of-the-art technological products related to Artificial Intelligence (AI), Bigdata, and Blockchain, the new company is considered the main force to help VNPT fulfill the goal of becoming a leading digital service provider in Vietnam and an important Digital Hub of the neighborhood as well as the world.

Stock market

SAS profits VND 118bln

The Southern Airports Service Joint Stock Company (Sasco) which is listed under code SAS on the Unlisted Public Company Market (UPCoM), announced its second quarter’s financial report with net revenue at VND 634.5billion, an increase of 14 percent compared to last year.