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Aeon has confirmed an investment of US$280m for its third mall in South Hanoi which will open by the end of next year
VinMart, a leading retailer in Vietnam, has placed large posters displaying images of over 100 daily essential products on shelves to look like a supermarket in 20 locations. Shoppers can buy these products by scanning QR codes on their mobile phone and pay with the VinID app.
These virtual stores are placed in dormitories, office buildings, schools and bus stops across 20 locations in Ho Chi Minh City and Hanoi. After scanning the QR codes and confirming their orders, the shoppers can pay for the products with their bank cards on the VinID app. The products can be delivered between two to four hours upon purchase. VinMart will expand this concept to other locations around the country.
Besides the virtual store, VinMart has also developed a handbook with over 800 items available for purchase. The handbook is available both online and in a paper version. Shoppers buy products by scanning QR codes using the Scan & Go feature on its app and also use the VinID for payment.
VinMart is a key leader in utilising new technology to enhance shopping experience. It is helping shoppers save time with cashless payments in both physical and virtual stores. Its Scan & Go app was first rolled in out in March in 12 physical stores enable self-checkout. This technology will be expanding to 73 stores nationwide.
Keep up-to-date with the latest retail developments from Asia.
After four years in Vietnam, Auchan has decided to sell all its stores due to challenging conditions.
Auchan has 18 stores generating a revenue of US$50.4m in Vietnam. The exit from Vietnam is part of Auchan’s Renaissance action plan to put greater focus on generating profits. The retailer has also signed an agreement to sell most of its estates in Italy to Conad, the Italian co-operative retail group.
Retailers in Vietnam are investing heavily to grow their network. Domestic retailers like Saigon Co.op and VinMart for example are developing rapidly. Saigon Co.op targets to grow its stores from 650 to 1,000 stores by the end of this year. VinMart’s goal is to have 4,000 stores by 2020 from about 2,000 currently.
Vietnam's largest drugstore chain Pharmacity receives funding from Mekong Capital.
Estabilshed in 2011, Pharmacity has rapidly grown its network to 186 stores in Vietnam and aims to have 1,000 stores within the next two years. “Our partnership with Mekong Capital will empower us to continue improving healthcare for the Vietnamese people and help accelerate our growth while better positioning us to execute on our vision and mission to build the most convenient pharmacy chain where customers fully entrust their health and wellness,” said Chris Blank, founder and CEO of Pharmacity.
The retailer carries both Vietnamese traditional and Western medicines, as well as beauty products and vitaminshas. It already has one million customers under its loyalty programme. Chad Ovel, Partner at Mekong Capital said, “the company was the first retailer in this sector to demonstrate that all of Vietnam’s regulations and compliance thresholds can be met and still generate a healthy store level profitability.”
Vingroup has acquired all 87 Shop & Go chain of convenience stores for just US$1. There are 70 stores in Ho Chi Minh City and 17 in Hanoi.
Shop & Go opened its first store in 2006 and became one of the first operators of modern convenience stores in Vietnam. A representative for the retail chain said, “we have invested a great deal in the Shop & Go system, however the results are not as expected. The Vietnamese retail market still has potential space to grow, but competition is tight. Therefore, we decided to retreat. In the market, Vingroup has proven its superiority in the retail sector. We decided to donate Shop & Go so that Vingroup can continue its investment and development.”
Vingroup operates 108 VinMart supermarkets and about 1,900 VinMart+ convenience stores. It will upgrade the infrastructure, train the staff and refresh the products of Shop & Go stores in the month of April. Last year, the group acquired FiviMart, which had 23 stores that were rebranded as VinMart after the merger. We believe the retailer will do the same with Shop & Go.
This in-depth guide to Vietnam explores the key trends in grocery retail and the growth strategies of the leading retailers in the country.
Five year growth forecasts for the grocery market, the leading retailers and modern trade grocery channels in Vietnam.