South Korea’s GS25 convenience store chain is about to make its Vietnam debut after forming a joint venture with Son Kim Group.
Vietnam will be GS25’s parent GS Retail’s first foreign market, with the first store scheduled to open before the year ends.
“We received requests from many countries, including China and other Southeast Asian countries, to export our brand,” a GS Retail spokesman said.
“After months of research, we concluded that Vietnam had the largest potential for growth.”
GS Retail, holds 30 per cent of the JV, will sign a master franchise agreement with the JV later to receive royalties on trademark rights and operation.
GS Retail and Son Kim worked together on Vietnam’s VGS home shopping in the past.
Vietnam’s large population and rising consumer spending have encouraged a number of international convenience stores to come.
In June, 7-Eleven stepped into the market and now has four locations in Ho Chi Minh City.