Vingroup buys out Queenland Mart

By Dat Nguyen   September 2, 2019 | 07:35 pm PT
Vingroup buys out Queenland Mart
VinMart acquires Ho Chi Minh City-based Queenland Mart. Photo acquired by VnExpress.
Private conglomerate Vingroup has acquired supermarket chain Queenland Mart, as it continues its buying spree since last year to expand.

Queenland Mart’s eight stores, mostly in Ho Chi Minh City’s Districts 2 and 7, began operating as Vingroup’s VinMart outlets on Sunday, Vingroup said in a statement without revealing the value of the deal.

Queenland Mart membership will be transferred to VinID, the customer care service of conglomerate Vingroup, which owns VinMart supermarkets and VinMart+ convenience stores across the country.

The number of VinMart supermarkets increases to 120 after the deal. Combined with VinMart+ convenience stores, Vingroup now has a total of 2,122 retail outlets.

Queenland Mart was established in 2014 by HCMC-based Vietnam Lotus Foods Jsc.

Last October Vingroup paid VND1 trillion ($43 million) to buy the 23-outlet Fivimart supermarket chain, and in April bought out the 87-store Shop&Go convenience store chain.

Vietnam’s retail market has become increasingly crowded over the last five years with both local and international players jostling for space.

The country’s retail sales rose by 12.4 percent from 2017 to $142 billion last year, according to the General Statistics Office.

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