Real estate giant Vingroup acquires Vietnam's oldest supermarket chain

By N. Khanh, Thanh Nien News

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 A Maximark supermarket. Photo credit: VnExpress
Real estate conglomerate Vingroup has acquired Vietnam's oldest supermarket chain Maximark in an effort to strengthen its foothold in the retail market.
The value of the deal has not been revealed. Maximark, whose first supermarket was open in January 1996, has nine supermarkets, mostly in Ho Chi Minh City.
Vingroup plans to add the newly-acquired outlets to either its shopping mall chain Vincom Retail, or its supermarket store chain Vinmart.
This has been the fourth retail acquisition of the property giant over the past year.
Last October, it bought a 70 percent stake in Ocean Retail Company, which owned nine OceanMart supermarkets in the northern region.
Two months later, Vingroup reportedly acquired the sole food store of Hanoi-based Alphanam Food Joint-stock Company.
In April this year, it took over 39 supermarkets of Vinatexmart chain from garment producer Vinatex.
Since its broke into the retail market in 2013, Vingroup has opened 125 supermarkets and convenience stores, besides 12 shopping malls around the country.

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