Business

RoK’s convenience store chain to open in Vietnam

The Republic of Korea (RoK)’s major convenience store chain CU will open its stores in Vietnam, following the success in Mongolia.
RoK’s convenience store chain to open in Vietnam ảnh 1At the signing ceremony of the franchise deal between BGF Retail and its Vietnamese partner (Photo: BGF Retail)
Seoul (VNA) – The Republic ofKorea (RoK)’s major convenience store chain CU will open its stores in Vietnam,following the success in Mongolia.

The move is part of the expansion plan inforeign markets of CU operator - BGF Retail. The company said it will enterVietnam’s market after the signing of a master franchise contract with CUVN, aVietnam-based convenience store operator backed by local Vietnamese companiesincluding retailer SNB.

Under the master franchise deal, BGF Retailwill share its brand and business knowhow in convenience store operation withits Vietnamese partner that will be responsible for investment and operations.

BGF Retail also entered Mongolia last yearunder a master franchise deal with a local company. The RoK operator expectsits experience in Mongolia would help it gain a strong foothold in theSoutheast Asian market which has high growth potential.

BGF Retail and CUVN aim to open their firstVietnamese outlet in the first half of 2020.

Park Jae-gu, chief executive of BGF Retail,said the company will continue overseas expansion by making forays intofast-growing emerging markets./.
VNA
#major convenience store chain CU #Republic of Korea #Southeast Asian market #vietnamplus #Vietnam News Agency Korea (RoK) Vietnam
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