RoK’s GS25 to open convenience stores in Vietnam

After the opening of Japan’s first 7-Eleven store in Vietnam in June, the Republic of Korea (RoK)’s GS25 convenience store chain has official announced its intention to enter the market, reported online news website ndh.vn.

Son Kim Group Chairman Nguyen Hoang Tuan (center left) and GS25 CEO Cho Yoon-sung (center right) shake hands after the two companies signed a contract to jointly operate the convenience store chain in Ho Chi Minh City, Vietnam. (Source: GS RETAIL)

Son Kim Group Chairman Nguyen Hoang Tuan (center left) and GS25 CEO Cho Yoon-sung (center right) shake hands after the two companies signed a contract to jointly operate the convenience store chain in Ho Chi Minh City, Vietnam. (Source: GS RETAIL)

The entry of GS25 makes it the first Korean brand to join the fierce competition of the Vietnamese convenience store market.

GS25 and Vietnamese Son Kim Group have formed a joint venture which will be in charge of operating local GS25 franchises in Vietnam. 

Accordingly, GS Retail, the convenience store chain’s parent company, holds a 30 percent stake in the venture, while Son Kim holds 70 percent.

GS25 is expected to open its first store in Ho Chi Minh City by the end of this year and has set a goal of opening more than 2,500 stores within the next 10 years.

GS25 is one of the RoK’s largest convenience stores, accounting for about 30 percent of the retail market in the country.

Previously, Son Kim Group has co-operated with GS Home Shopping since 2012. GS Home Shopping and GS Retail both belong to the GS Group.

According to the most recent data on the retail market in Vietnam, total revenue reached 118 billion USD last year, a year-on-year increase of 10.2 percent.

Vietnam is also evaluated as a country whose population age is suited to convenience store chains, with 57 percent of people under 35 years old.

Vietnamplus

Other news

Most view

Midfielder Nguyen Quang Hai opens the score for Vietnam (Photo: VNA)

ASIAD 18: Vietnam defeat Pakistan 3-0 in men’s football

Vietnam’s Olympic men’s football team beat their Pakistani rivals 3-0 in the first group match in men’s football of the Asian Games 2018 (ASIAD 18), which took place in Indonesia on August 14.

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

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

SGN lists 24million shares on HOSE

 Saigon Ground Services JSC (under code: SGN) will list on the Ho Chi Minh City Stock Exchange (HOSE) 24 million shares for the first time starting on August 1st at a reference price of VND 140,000 per share.