Vietnamese business empire Vingroup has acquired local supermarket business Queenland Mart via its retail unit Vincommerce.
The move will expand the firm’s retail market share, following its recent purchase of the Shop&Go convenience store chain that brought 87 new locations under Vingroup’s wingspan. Queenland Mart has eight stores located in the city’s more affluent neighbourhoods. The stores will now be rebranded as Vinmart outlets, as were the 23 Fivimart stores the group acquired last year.
Following the deal, Vingroup has 120 Vinmart supermarkets and 2122 retail locations in total. The conglomerate is targeting 200 supermarkets and 4000 retail outlets by next year.
The financial terms of the deal remain undisclosed.