VinCommerce executive board at a panel discussion with suppliers during the VinCommerce Partner Conference held in HCM City on November 11. — Photo courtesy of Masan
VinCommerce, the modern grocery retail subsidiary of conglomerate Masan, has set a target of having over 300 VinMart supermarkets and nearly 10,000 VinMart+ convenience stores by 2025, making it the first choice of partners to serve millions of customers and enjoy outstanding revenue growth together.
Truong Cong Thang, general director of VinCommerce, shared the firm’s business strategy for 2021-25 at the VinCommerce Partner Conference held in HCM City on November 11.
As part of the strategy, it has identified 100 strategic partners who would join hands to lead the Vietnamese retail market, and they would get a series of exclusive privileges, Thang promised.
VinCommerce and partners would increase investment in product innovation and brand development, build a win - win co-operation model and create equality among distributors in the Vietnamese retail market, he said.
After nearly a year of merger into Masan Group, VinCommerce has continued to enjoy good growth.
According to Masan’s business results for the third quarter and the first nine months of financial year 2020, VinCommerce achieved VND23.678 trillion (US$1.02 billion) in revenues in the first nine months, accounting for 42.5 per cent of Masan’s total revenues of more than VND55.6 trillion ($2.29 billion).
VinMart + chain recorded an increase of 38.4 per cent and 56.5 per cent in revenue in the third quarter and the first nine months year-on-year.
VinCommerce is heading towards breakeven in the fourth quarter of 2020, paving the way for strong expansion of its store network next year.
Over their six years of operations VinMart and VinMart + retail chains have achieved great development to become the largest retail network in the market with more than 2,600 supermarkets and stores in 58 provinces and cities nation-wide, and over six million loyal customers.
VinMart and VinMart + 's supply chain is well invested based on international standards, and has close co-operation with major partners and reputed local partners to ensure abundant supply of goods as well as most fresh and delicious foods to satisfy demand in all segments from affordable to high-end.
With their unrelenting efforts, VinMart and VinMart + have ranked first in the list of Top 10 most prestigious retailers in Viet Nam as voted by Vietnam Report for three consecutive years (2018, 2019 and 2020).
VinCommerce's success and consumer understanding also brought about outstanding growth for its partners, with more than 30 million customers a month accessing products made by domestic and foreign partners.
The partner conference attracted more than 450 delegates, representing more than 200 major domestic suppliers, who attended the conference in person, and 50 international guests who took part online.
The event once again underlined the close co-operation between VinCommerce and its partners in a common goal – that of improving the physical and spiritual life of nearly 100 million Vietnamese consumers. — VNS