Saigon Co.op eyes 8-10% revenue growth in 2021

Tuesday, Mar 23, 2021 15:00

A Co.opmart supermarket in HCM City. Saigon Co.op, the owner of Co.opmart supermarket chain, targets to increase sales by 8-10 per cent this year. — VNS Photo

The Saigon Union of Trading Co-operatives eyes sales growth of 8-10 per cent this year.

Saigon Co.op, as it is commonly known, also targets 4-5 per cent growth in pre-tax profit and 5-6 per cent increase in labour productivity.

Speaking at a review meeting in HCM City on Monday, Nguyen Anh Duc, its general director, said this year the co-operative would also focus on improving the efficiency of its retail models and improve customer services.

It also seeks to expand its network to have at least 2,000 outlets nation-wide by 2025, lead the market in terms of goods quality, food hygiene and safety and promoting private labels to support small and medium-sized enterprises and create a new and modern distribution centre to help complete its supply chain.

Despite facing difficulties due to the Covid-19 pandemic last year, Saigon Co.op achieved sales of over VND33 trillion (US$1.42 billion), equivalent to nearly 90 per cent of its target and slightly down from 2019.

In HCM City, its Co.opmart supermarket chain accounted for over 45 per cent of supermarkets’ revenues.

Saigon Co.op’s pre-tax profit was over VND1 trillion ($43.28 million), which meant it achieved its target.

Phan Thi Thang, deputy chairwoman of the city People’s Committee, hailed the co-operative’s achievements, saying it had contributed greatly to the city’s economic development and fight against the pandemic.

She called on it to restructure its co-operative model, speed up international integration and focus more on optimising its business. — VNS

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