A Vietnamese investment company has unveiled ambitious plans for a 1100-store network of supermarkets and convenience stores.

Vingroup has this month bought a 70 per cent share in supermarket operator Ocean Retail, formerly owned by Ocean Group, which has nine supermarkets trading under the OceanMart brand in Hanoi, Ninh Binh, Hai Duong and Ha Tinh.

Vingroup says once the purchase is settled it will rebrand the OceanMarts into VinMarts.

It then plans to expand the chain to 100 supermarkets and 1000 convenience stores by 2017.

VinGroup has businesses spanning across food production, real estate and tourism.

Le Khac Hiep, deputy chairman of Vingroup, says the acquisition comes at a time when the Vietnam’s retail market shows a promising future.