Business

Auchan retail chain to leave Vietnam

The French supermarket group Auchan Retail has decided to sell 18 loss-making stores in Vietnam, said CEO Edgar Bonte.
Auchan retail chain to leave Vietnam ảnh 1Trolleys in an Auchan supermarket in Vietnam (Photo: vnexpress.net)

Hanoi (VNA) – The French supermarket group AuchanRetail has decided to sell 18 loss-making stores in Vietnam, said CEO EdgarBonte.

Those outlets generated 45 million EUR (50.4 million USD) inrevenue in 2018 and are still suffering losses.

The French group, entering in Vietnam in 2015, has developeda total of 21 stores in the country. After the closure of three outlets, itcurrently runs 18 supermarkets, 13 of which are in Ho Chi Minh City, four inHanoi and one in Tay Ninh povince.

Auchan is now negotiating with different retailers inVietnam to find a partner to take over its business in the future. For now, it still maintains normal operations.

The exit from Vietnam follows Auchan’s earlier deal to sell around1,600 stores of its loss-making Auchan Retail Italia arm to the localco-operative retail group Conad.

In March this year, Auchan Holding announced in a statementa net loss of 1.145 billion EUR in 2018. The overall turnover was down 3.2percent to 50.99 billion EUR.-VNA
VNA`
#Auchan Retail #Auchan Retail leaves Vietnam #Auchan Retail Italia #Conad #Auchan Holding #Vietnam's retail market #Vietnam's economy #Vietnam #Vietnam news agency #vietnamplus
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