A THACO spokesperson told VnExpress that the agreement will be signed this week.
South Korean retail giant E-mart, owned by the Shinsegae Group, will stop operating its outlets in the country. Under the buyout deal, THACO will operate the chain as a franchisee and pay royalty to E-mart.
The South Korean established the E-mart Vietnam Co. in 2014 after three years of doing market research in the country.
It opened its first megamarket in HCMC’s Go Vap District at the end of 2015, covering an area of 12,000 square meters. The megamarket consists of a shopping area, restaurants and a kids' playground.
It hiked its charter capital by 62.5 percent to VND2.7 trillion ($117.8 million) in 2018.
The E-mart Vietnam management board said 95 percent of products it sold were domestically produced.
Rumors had surfaced at the end of last year that E-mart will exit the Vietnam retail market, but the company denied them.
South Korean newspaper The Korea Times cited the retail giant as saying it was selling its Vietnam operations due to difficulties in expanding the business. It had planned to open a second megamarket in HCMC’s Tan Phu District in mid-2018, but the plan was not realized.
THACO has announced plans to open 10 supermarkets in Vietnam by 2025.
Từ vựng liên quan
Tin tức liên quan
Former deputy PM receives second warning over privatization violations
news | 47765925Former Deputy PM Vu Van Ninh has received his second warning for privatization and divestment violations causing losses to the state budget.
It all began with a dead baby in a bag
trend | 46996659The phone rang at 5 a.m. An infant had just died of heart disease and the parents couldn’t afford a coffin ride home.
German adoptee locates Vietnamese mother, awaits reunion
trend | 49066656Fabian Schreck wanders the streets of Thanh Hoa on a hot summer's day during his third return visit to the central Vietnam province.
Rescuers drain river in search of central Vietnam landslide victims
news | 110466652A task force has been dredging a river in Thua Thien-Hue Province to locate 11 dam workers still missing after a mid-October landslide.
Bali's menacing volcano puts some tourists' plans on back burner
travel-life | 186346645Several countries have already issued travel alerts to Bali.
Ha Long ship owners on verge of bankruptcy
economy | 311106593The operators of over 500 ships in tourism hotspot Ha Long are on the verge of bankruptcy, their vessels idle amid a lack of passengers and soaring debt.