Investment company Vingroup acquires 70% stake in Ocean Retail, plans
ambitious expansion in coming five years.
Ambitious multichannel expansion plans
Ocean Retail currently operates a chain of nine supemarkets and hypermarkets in Hannoi, Ninh Binh, Hai Duong and Ha Tinh under the OceanMart banner. Vingroup plans to rebrand these as VinMart, as well as expanding the network to reach 100 stores by 2017. In addition, Vingroup intends to branch into the convenience format, setting the ambitious goal of 1,000 stores by 2017.
Vietnamese grocery retail: an attractive investment
Alongside key state-owned operators such as Saigon Co.op an Hapro, the retail industry in Vietnam is attracting new investors. Vingroup, whose investments include food productions, real estate and tourism, acquired its share in Ocean Retail from Ocean Group, a real estate and financial group. Similarly, Son Ha Group, which specialises as a household appliance manufacturer, has also diversified into the grocery retail industry under the Hiway banner.