Saigon Co.op eyes 10 per cent revenue growth

Tuesday, Mar 03, 2020 08:30

Customers shop at a Co.opmart supermarket in HCM City. Saigon Co.op has set a target of 10 per cent growth in revenues this year. — VNS Photo

The Saigon Union of Trading Co-operatives, or Saigon Co.op, targets revenues of VND38.9 trillion (US$1.67 billion) this year, an increase of 10 per cent from last year.

Speaking at a review meeting late last week, Nguyen Anh Duc, its permanent deputy general director, said Saigon Co.op plans to open over 200 new stores this year to have over 1,000 by the end of 2020 and be the Vietnamese retailer with the most modern retail models.

It also plans to further improve customer care, product quality and the efficiency of its logistics, and enhance the use of technology to keep up with modern retail trends and customers’ needs, with a focus on developing e-commerce and multichannel retail, he said.

Despite intense competition, Saigon Co.op’s revenues increased by over VND3 trillion ($129.2 million) to VND35 trillion ($1.5 billion) last year.

Last year it opened more than 200 new Co.opmart and Co.opXtra supermarkets, Co.op Food stores and Sense City department stores, and Co.opSmile and Cheers convenience stores besides launching a new retail model, Finelife, targeted at wealthy customers.

Also last year Saigon Co.op bought out France’s Auchan supermarkets in Viet Nam. — VNS

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