US-owned 24-hour convenience store Circle K has opened its 100th outlet in Viet Nam.— Photo doanhnhancuoituan

HCM CITY (Biz Hub) — US-owned 24-hour convenience store Circle K has opened its 100th outlet in Viet Nam and expects to have 150 by the year's end.

Viet Nam CEO Tony Yan was optimistic about achieving the target, saying Viet Nam's modern retail industry was in the initial development phase.

While modern retail represented only 13 per cent of the total market share in the country compared to 50 per cent elsewhere in Asia, Viet Nam was a promising market of 90 million people with rising incomes, he said.

Other international retailers have been strengthening their presence here, including Japan's Aeon, which has four supermarkets in HCM City and Binh Duong Province and expects to open a new one in Ha Noi this year. The company also acquired major stakes in successful local retailers Fivimart and Citimart.

BJC of Thailand made an abortive attempt to buy German-owned Metro Cash & Carry Vietnam, but instead bought a convenience store chain, which it plans to turn into a 94 B Mart chain. — VNS