<article>VinCommerce, a retail unit under Vietnam’s conglomerate <a href="http://dealstreetasia.com/tag/vingroup">Vingroup</a>, said it has completed the takeover of Fivimart for an undisclosed sum.</article>

VinCommerce, a retail unit under Vietnam’s conglomerate <a href="http://dealstreetasia.com/tag/vingroup">Vingroup</a>, said it has completed the takeover of Fivimart for an undisclosed sum.
On September 28, this portal reported the development after Japanese group AEON disposed its 30 per cent interest in Fivimart.
Vingroup said on October 8 it has acquired 100 per cent of Fivimart from its operator, Nhat Nam JSC, to own the entire 23 stores. These outlets will be soon renamed to Vinmart – the supermarket brand of Vingroup. The deal will pave the way for Vingroup to expand to 200 supermarkets and 4,000 Vinmart+ convenient stores by 2020.
“Under our strategic development plan, VinMart and VinMart+ are not only established in Vinhomes residential complexes and Vincom malls, but will also be expanded across the country. The takeover of Fivimart is one step in realizing our plan,” said Thai Thi Thanh Hai, CEO of VinCommerce.
Upon completion, VinCommerce is currently the biggest retailer in Vietnam with 100 supermarkets and 1,400 convenient stores.
The assortments within the acquired assets will also be supplemented by Vingroup’s consumer products. At the same time, the retail major will renovate the facilities and apply other operational standards for its supermarket chain to the new stores.
AEON purchased the 30 per cent stake at Fivimart and another 49 per cent of Citimart in 2014. In August, the Japanese retailer announced the termination of the partnership with Fivimart while retaining the investment in Citimart.
These two smaller Vietnamese retailers have reportedly suffered big losses over the past three years.
Meanwhile, Vingroup, since the launch of its retail business in 2014, has been aggressively active in M&amp;A to consolidate its presence, having acquired Vinatexmart, Oceanmart and Maximark.
Also read: <a href="https://www.dealstreetasia.com/stories/aeon-stake-fivimart-vingroup-107536/">AEON disposes of stake in Vietnam’s Fivimart, Vingroup said to be the buyer</a>

VinCommerce, a retail unit under Vietnam’s conglomerate Vingroup, said it has completed the takeover of Fivimart for an undisclosed sum.

Vietnam: Vingroup retail unit continues M&A spree, buys Fivimart

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Vietnam: Vingroup retail unit continues M&A spree, buys Fivimart

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