Domestic retailers gain advantages in the retail market as a number of well-known foreign retail brands have retreated from the sector recently With a population of close to 100 million, Vietnam is considered to be a promising market for firms, yet despite this, the retail market is not a simple sector to crack. In late June, Saigon Co.op took over the entire business operation of 15 Auchan Vietnam branches in addition to their 200 staff. This acquisition also means that more than 200 customers who are members of Auchan are to be transferred to Saigon Co-op’s customer program. Domestic retailers expand their operations According to the agreement signed with Auchan, Saigon Co.op will continue to maintain the Auchan brand until the end of February 2020. Following this month, Auchan stores nationwide will re-open under the brand of Saigon-Co.op, Co-opmart, Co.opExtra, and Finelife. Nguyen Anh Duc, vice general director of Saigon Co.op, said the takeover of Auchan has affirmed his company’s strong development in the field of modern trade. The trust in the takeover and other co-operative opportunities have illustrated Saigon Co.op’s norms of development in the sector. One of the factors in making Auchan decide to leave the Vietnamese market… Read full this story
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