The Saigon Union of Trading Co-operatives, Limited (Saigon Co-op) and Singapore NTUC FairPrice Co-operative, Limited (FairPrice) announced their Saigon Co.op – FairPrice joint venture on May 4 with a proposed new chain of hypermarkets.

The joint venture, which has an initial investment of 6 million USD of which 64 percent was contributed by Saigon Co.op and 36 percent by FairPrice - will set up two hypermarket chains throughout the country under the brand names Co.opXtra and Co.opXtraplus.

The Chairman of Saigon Co.op said that the joint venture will launch one or two hypermarkets each year in major cities and the first Co.opXtraplus, invested with 9 million USD, is scheduled to open in Thu Duc district, Ho Chi Minh City in mid-May.

Co.opXtra targets individuals and households and Co.opXtraPlus will focus on organisations, companies, schools, hotels, restaurants and other such enterprises, he added.

Saigon Co-op currently operates the Co-op Mart supermarket chain and Co-op Food and Co-op stores in Vietnam with a strong presence in Ho Chi Minh City and some other provinces.

FairPrice is a retail giant in Singapore with over 260 supermarkets, hypermarkets and other stores accounting for 57 percent of the country’s market share.-VNA