A crowded store of Nguyen Kim electronics chain. Photo credit: Saigon Times Online
Thailand's Central Group has continued to strengthen its foothold in the Vietnamese market by investing in Nguyen Kim, a major retailer with more than 20 electronics stores across the country.
The 49 percent stake purchase was conducted by Power Buy, an arm of the Thai family-run conglomerate.
According to a filing
with Thailand's stock exchange, the acquisition of shares by Power Buy in Nguyen Kim will form a partnership that allows the former to "expand its electronics retailing operations in Vietnam".
In an interview with the Saigon Times news website, a representative of Central Group said that it will appoint a CEO to manage Nguyen Kim.
The current chairman, Nguyen Van Kim, will remain on the board.
Founded in 2001, the Nguyen Kim retail chain now has 21 electronics stores.
Last year Central Group opened two Robins department stores in Hanoi and Ho Chi Minh City.
Before that its subsidiaries had already operated in Vietnam as distributors for clothing and footwear brands like SuperSports, Crocs, and New Balance, Saigon Times quoted the Thai group’s board chairman Tos Chirativat as saying.
It has also brought Marks & Spencer to the country. The first store was launched in HCMC last fall, as part of a plan to open 20 stores here.