GS Retail Co. plans to open GS25 stores in Viet Nam in an effort to reach the overseas market in the face of stiff competition in the domestic market. — Photo insiderretail.asia
GS Retail Co., a convenience store chain in South Korea, announced on Thursday it will open its first two foreign branches in Viet Nam.
This is aimed at stepping up efforts to reach the overseas market in the face of stiff competition in the domestic market.
The two stores will be opened in HCM City on January 19 and 23. In addition to this, the firm is planning to increase the number of shops operating in Viet Nam to 2,000 in the next 10 years.
In mid-2017, GS Retail Co. signed an agreement with SonKim Corporation of Viet Nam to penetrate the market there, as the number of convenience stores in the country was growing rapidly.
Revenues from these stores in South Korea come mainly from three brands --- CU, GS25 and 7-Eleven, exceeding 20,000 trillion won (US$17.5 billion) in 2016, up 18.6 per cent compared to 17,200 billion recorded in 2015. — VNS