A major Japanese retailer announced on Saturday that it would join hands with a local partner to develop a chain of convenience stores in Vietnam from mid-2011 onwards.
Ministop, an affiliate of Japan's second largest retailer AEON, and G7, an affiliate of coffee producer Trung Nguyen Corporation will invest US$10 million in the first stage of their plan, with 75 percent of the stake owned by the local partner.
The partners said they would develop 100 convenience stores called G7Mart-Ministop throughout the country in the first year of operation and increase the figure to 500 units in the following five years.
The stores would wear Ministop "dress" and sell Vietnamese products, they said in a report.
Ministop runs 11,200 stores mainly in Japan, China and other markets in ASEAN while G7Mart convenient stores were introduced in 2006. The local partner said it has developed 460 stores with an average area of four square meters each across the country.