Korean retail giant E-mart has decided to go independent to expand to Vietnam.
E-mart is a discount store chain launched in 1993 by Shinsegae, Korea’s department store operator.
The discount store chain is reported to have abolished its partnership with Vietnamese real estate company U&I Investment Corporation.
Without further elaboration, a spokesperson from E-mart said the partnership had problems.
“We now seek to establish a branch office in Vietnam independently. Our first discount store in Vietnam will open in three years,” said E-mart CEO Hur Inn-chul.
“The outlet will be built in Ho Chi Minh City and we’ve acquired land for the construction,” he added.
The CEO said that the young and economically active Vietnamese are the company’s target consumers.
While it plans to go solo in Vietnam, E-mart opted to operate in Mongolia through a local partner Ulaanbaatar-based trading company Altai Holdings.