Vingroup finishes acquisition of Vien Thong A retail chain

Tuesday, Nov 06, 2018 12:15

Vingroup finishes acquisition of Vien Thong A retail chain. — Photo

A representative of Vingroup confirmed on November 5 that the group has completed an acquisition of the Vien Thong A retail chain.

Initial work on the deal began early this year and the buy-out was finalised in September.

Vingoup has taken over leadership positions at Vien Thong A, assigning Mai Thu Thuy as its director and legal representative.

Thuy has held many important positions at Vingroup, such as chairwoman of Vincom Mega Mall Royal City, chairwoman of Vietnam Investment Group JSC’s board of directors and member of Vincom Retail JSC’s board of directors. Thuy was a major shareholder of Vingroup.

Some retail experts said the acquisition of Vien Thong A may help Vingroup bring its Vsmart phones to consumers faster and more efficiently. Vsmart is a brand name of Vingroup that announced its production plans earlier this year. The brand is part of Vingroup’s strategy on expanding industrial production.

According to data from Retail Asia Publishing and Euromonitor, the Vien Thong A Import Export Trading Production Corporation owns 310 stores and a service centre named Vien Thong A with a total floor area of 61,000 sq.m. HCM City-based Vien Thong A is a popular retailer of tech goods, after The Gioi Di Dong (Mobile World) and FPT Shop. — VNS

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