Vietnam may have fallen in the rankings of international retailers’ preferred expansion destination, but it is still an attractive market for regional players.
Japanese retailer Aeon, which plans two new shopping malls in the nation annually until it reaches 20 in 2020, is to partner with local player Trung Nguyen Group to open 500 Ministop convenience stores by 2017.
Korean company Lotte Group also plans expanding in the country with further 60 supermarkets and shopping centres to be opened.
And French retailer Auchan Group plans re-entering the country, announcing an investment of US$500 million over the next decade.
Big C will also expand its existing more than 20 supermarkets in the Vietnam by adding a new complex in Quang Ninh Province.
Saigon Co.op general director Nguyen Thi Hanh says the increasing presence of foreign retailers in the 90 million strong market means domestic retailers need to grow their networks to keep up.