Magazines Archives - 2008 January
Foocosa, GR Vietnam to open 500 c-stores
FOOD COMPANY OF HO CHI MINH CITY (Foocosa) and GR Vietnam Holdings Ltd announced last November their intention to set up 500 convenience stores in Ho Chi Minh City over the next few years.
GR Vietnam, the local division of Hong Kong food company Golden Resource Development International Ltd, will own 49% of the joint venture, leaving Foocosa with the majority share.
Foocosa deputy-director Huynh Cong Thanh expects the two companies to open at least 40 convenience stores over the next six months in main districts throughout Ho Chi Minh City,
which both are familiar with. The rest will be opened over the next four years.
Studies are being conducted in other major cities, such as Hanoi, for suitable sites for the rest of the outlets, he added.
Foocosa director Duong Tu Trinh expressed the hope that the venture would become one of the leading retail entities in the country. The sentiment is shared by GR Vietnam chairman
Howard Wong. The partnership marks the Hong Kong groups entry into the lucrative Vietnamese market to establish its foothold, he said.