Vietnam's leading property developer Vingroup is buying all of garment producer Vinatex's shares in a subsidiary, enabling it to take over 39 supermarkets, Vingroup said on Friday.
The move is part of Hanoi-based Vingroup's expansion plan in the retail sector where it aims to open 100 supermarkets and 1,000 convenience stores over a three-year period starting 2014, the company said in a news release.
"The Vietnamese retail market is an attractive target market with long-term potential," said Vingroup's general director Duong Thi Mai Hoa, adding that the purchase will support the group's goal to be a leading Vietnamese retailer amid rising investment from foreign investors.
Vingroup did not disclose the value of the deal. VIC shares were up 2.2 percent at 47,100 dong ($2.18) each at 0426 GMT on Friday.