Saigon Co.op eyes 7% growth in 2024

Monday, Mar 04, 2024 16:21

Nguyễn Anh Đức, Saigon Co.op’s general director, speaks at its review meeting in HCM City on March 3. — VNS Photo

After its excellent business results last year, the Saigon Union of Trading Cooperatives (Saigon Co.op) has set itself a target of 7 per cent revenue growth for this year and having 900 outlets by the year end.

Nguyễn Anh Đức, its general director, told a review meeting held in HCM City late last week that despite market challenges and intense competition last year, Saigon Co.op achieved sales of VNĐ30 trillion (US$1.2 billion) and met its profit target, thanks to control of costs and ensuring business efficiency.

Đức said last year the co-operative focused on building and standardising operation procedures, communications and promotions to attract more customers, developing e-vouchers, encouraging online payment by customers, and adding qualified human resources for its planned breakthrough in e-commerce in 2024-25.

It opened many new stores last year, including a Co.opmart Chợ Mới supermarket in An Giang Province and a Sense Market shopping mall and Co.opmart in Cái Bè in Tiền Giang Province.

In addition to regularly launching programmes to promote consumption of Vietnamese goods in the domestic market, Saigon Co.op has also promoted exports of agricultural and fisheries products, which fetched VNĐ90 billion last year, up 32 per cent from 2022.

He said the target of 6-7 per cent sales growth this year is admittedly high in the context of the difficult economic situation and low consumption, but the co-operative is determined to accomplish it.

For this, Saigon Co.op plans to step up digital transformation, expand its network to 900 outlets by the end of this year from the current 800 and its goods portfolio, improve customer service and logistics, and develop new business models, he said.

It would also focus on developing its e-ecommerce channel, he said.

Online sales were worth VNĐ1.7 trillion ($68.8 million) last year, 20.7 per cent higher than in 2022, and are expected to top VNĐ3 trillion ($121.2 million) this year, he added.

Speaking at the meeting, Nguyễn Văn Dũng, deputy chairman of the HCM City People’s Committee, praised the cooperative’s achievements, saying it had contributed greatly to the city’s social and economic development.

He also hoped Saigon Co.op would effectively take advantage of the Government’s breakthrough policies to accelerate development. — VNS

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