Illustrative image (Source: vingroup.net)
 
Hanoi (VNA) - The property and retail conglomerate Vingroup JSC (Vingroup) has denied information that it plans to sell its supermarket chain VinMart to the US convenience store giant 7-Eleven, local media reported.

Le Khac Hiep, Vice Chairman of Vingroup, said that Vingroup will not sell its supermarket chain VinMart at any price.

“Firstly, Vingroup will never sell its Vietnamese brands to foreign investors,” said Hiep. “Secondly, Vingroup will not sell its retail chain, which is developing well on the way to become the group’s second spearhead business unit.”

In Vietnam, Vingroup holds the largest share of the retail market, and it has the fastest development speed – with about 1,000 supermarkets and convenience stores nationwide.

“Vingroup is exceeding other competitors regarding market coverage, growth rate, business scale and prospects.”

“Vingroup is also determined to build a reputable, efficient retail business that can connect local production to customers in order to develop a safe, standardised consumption industry for Vietnamese people.”

In addition, the retailer expects to be strong and competitive enough to protect and promote local businesses in the consuming production chain, he added.

The statement was made a few days after the Australia-based retail news publisher Inside Retail reported last week that 7-Eleven “plans to enter Vietnam by taking over Vingroup’s VinMart chain”.

In a statement from the US last year, 7-Eleven said it will build stores and convert “existing locations”. Now, industry insiders are saying the group will swallow VinMart , but there has been silence from both brands, Inside Retail reported.

7-Eleven has yet made any offers to Vingroup, Hiep said, adding it could be a one-way interest from 7-Eleven or speculation from Inside Retail.

In 2017, Vingroup plans to cover at least 30 provinces and cities in total by opening an addition of 70-80 VinMart supermarkets and about 1,500 VinMart stores, as well as develop the shopping mall network in other provinces and districts.

VinMart is Vietnam’s largest convenience store chain with more than 700 outlets. It has plans to expand to 10,000 stores in next 10 years.-VNA