Vietnamese real estate conglomerate BRG Group and Japanese trading house Sumitomo Corp. have decided to build dozens of supermarkets in Vietnam to compete against traditional open-air markets in the COVID-19 era.
Joint venture FujiMart aims to have about 50 supermarkets operating by 2028, adding to the current three. Plans are to launch five to 10 stores a year, according to Thursday’s announcement. BRG holds a 51% stake in FujiMart, with Sumitomo owning 49%.
