VinCommerce, a retail unit under Vietnam’s conglomerate Vingroup, has acquired local supermarket chain Queenland Mart as a continuing step to expand its retail market share, a group spokesperson confirmed to DealStreetAsia.
Financial terms of the deal remain undisclosed.
The deal comes on the heels of VinCommerce’ acquisition of 87 Shop&Go convenience stores in April. Established in 2005, Shop&Go currently has 70 stores in Ho Chi Minh City and another 17 in Hanoi.
Queenland Mart was established in 2014 by Ho Chi Minh City-based Vietnam Lotus Foods JSC. It has eight stores mostly in Districts 2 and 7.
Following the acquisition, the supermarket chain will operate as Vingroup’s VinMart outlets. Queenland Mart membership will be transferred to VinID, the customer care service of conglomerate Vingroup.
The number of VinMart supermarkets will increase to 120 after the deal. Combined with VinMart + convenience stores, Vingroup now has a total of 2,122 retail outlets.
Last October, Vingroup acquired Fivimart from its operator, Nhat Nam JSC, to own the 23-store chain. These outlets were 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.
VinCommerce CEO Thai Thi Thanh Hai had said that, under the group’s strategic development plan, VinMart and VinMart+ will not only be established in Vinhomes residential complexes and Vincom malls, but also be expanded across the country. The takeover of Fivimart was one step in realizing the group’s plan.
Since the launch of its retail business in 2014, Vingroup has been actively chasing the M&A route to consolidate its presence, having acquired Vinatexmart, Oceanmart, and Maximark.