Automaker THACO targets $78 mln revenues for retailer E-mart

Last year its sales were VND1.6 trillion on which it earned profits of VND43 billion.

Addressing the automaker’s annual general meeting on Monday, chairman Tran Ba Duong Duong said there were certain reasons for THACO to acquire the South Korean retail giant’s Vietnam operations.

The hypermarket model like E-mart would be popular, especially in provinces, he said.

THACO seeks to set up complexes where people could buy and service cars, hold conferences and weddings, enjoy amusement activities, and shop for groceries, and retail is the missing piece now, he added.

THACO concluded negotiations to buy the retailer on May 19 for an undisclosed sum. The deal is expected to be completed in June.

E-mart currently has one hypermarket in HCMC’s Go Vap District, and THACO aims to open another three or four by 2022, and increase the number to 11 by 2025.