Auchan to sell Vietnam business
The French supermarket group’s CEO Edgar Bonte told newspaper Les Echos that the group had decided to sell its 18 stores in Vietnam which currently generate sales of US$50.4 million.
In March, Auchan Retail said its Italian and Vietnamese businesses had faced tough conditions.
The group has since sold the Italian operation – which closed 23 stores last year – to Conrad.
Entering Vietnam in 2015, Auchan had planned to invest US$500 million to open 300 stores.
The stores are often located in apartment buildings, targeting local residents.
According to local news site VnExpress, Auchan Vietnam is in talks with a local retail group to acquire the business.