Casino Group might sell Vietnam Big C
Casino Group may sell its Big C supermarket chain in Vietnam as it seeks to strengthen its financial flexibility by selling assets in Vietnam, as well as Thailand and Colombia.
A Big C Supermarket in ancient Hue City of Thua Thien-Hue Province. (Source: VNA)HCM City (VNA) - Casino Group may sell its Big C supermarket chain in Vietnam as it seeks to strengthen its financial flexibility by selling assets in Vietnam, as well as Thailand and Colombia, the French retailer said in a release.
In 2016 it hopes to carry out a deleveraging plan worth more than 2 billion euros (2.2 billion USD) mainly through real estate transactions and disposal of non-core assets, including its operations in Vietnam, consisting of 32 Big C outlets.
It will also seek to bring in investors into its real estate operations in Thailand and Colombia.
In Thailand, Big C owns almost 800,000 square metres of gross leasable area in its shopping malls across the country.
In Colombia, it has more than 300,000 square meters of leasable area, excluding hypermarkets.
It hopes the deleveraging programme, coupled with the expected increase in cash flow after dividends in France, will combine to significantly improve its financial structure.
Following these moves, the company will continue to focus on its growth strategy in its key markets of France, Latin America, and Asia around buoyant assets.
A Big C Vietnam spokesperson told Vietnam News, "However, the plan will not affect the current operations and approved investment plans in the country."
Big C is among several major foreign retailers in Vietnam and a big player in the country's retail sector.-VNA
You should also see
PM urges village elders, citizens to help preserve cultural heritage
Prime Minister Pham Minh Chinh has asked village elders and chiefs, skilled artisans and reputable citizens to make greater efforts to preserve and promote tangible and intangible cultural heritage, which is the quintessence and core value of the nation.
See more
Business
Lam Dong strives to develop tea industry towards sustainable development
The Central Highlands province of Lam Dong aims to develop its tea industry to 2030 towards sustainable development by improving efficiency and fostering links between tea production, processing, and consumption. The province is also striving to replace aging tea plantations with high-quality tea varieties to enhance productivity.
Business
InfographicADB maintains 2024 economic growth forecast for Vietnam
In its April 2024 Asian Development Outlook (ADO) report, the Asian Development Bank (ADB) has maintained its earlier forecast for Vietnam’s economic growth this year, despite ongoing uncertainties from the external environment. Vietnam’s economy is expected to achieve a growth rate of 6.0% in 2024 and 6.2% in 2025.
Business
Vietnam treasures multifaceted cooperation with Côte d'Ivoire: Deputy FM
Vietnam always attaches importance to and wishes to bolster multifaceted cooperation with Côte d'Ivoire – its traditional friendship partner in Africa, Deputy Minister of Foreign Affairs Nguyen Minh Hang has said.
Videos
Foreign investment driven towards new breakthrough phase
Vietnam has so far drawn nearly 500 billion USD in registered FDI capital after nearly four decades of opening up its economy, with investment quality improvement considered a key task for a new breakthrough phase ahead.
Business
Quang Ninh attracts additional 115 million USD from Japan investors
The Quang Ninh Economic Zone Authority (QEZA) presented investment certificates to two Japanese projects worth 115 million USD in total at a conference held at Song Khoai Industrial Park (IP) on April 19.
