South Korea’s major convenience store operator – BGF Retail – will open its CU stores in Viet Nam, following success in Mongolia, online newspaper vietnamplus.vn reported.
The move is part of the company’s expansion plan in foreign markets, the company said, adding that it will enter Viet Nam’s market after the signing of a master franchise contract with CUVN, a Viet Nam-based convenience store operator backed by local Vietnamese companies including retailer SNB.
Under the deal, BGF Retail will share its brand and business knowhow in convenience store operation with its Vietnamese partner that will be responsible for investment and operations.
Park Jae-gu, chief executive of BGF Retail, said the company will continue overseas expansion by making forays into fast-growing emerging markets.
The first CU outlet will open its doors in Viet Nam next year.
BGF Retail has to date operated more than 50 CU outlets in Mongolia, after inking a contract with Central Express, which is the retailing arm of Mongolian conglomerate Premium Group to enter the country. — VNS
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