Vietnam’s Vingroup has dispelled all speculation that Japan’s 7-Eleven will be acquiring its convenience store chain, VinMart+.
It was rumoured that 7-Eleven would be taking over VinMart+ in order to expand its presence in Vietnam and opening up to 100 new stores within the next three years. To this rumour, Vingroup said that it “will not sell the VinMart+ chain at any offered price.”
Retail is a major business for Vingroup, second only to its core business in real estate. The company plans on expanding with the opening of 80 more supermarkets and about 1,500 VinMart+ locations.
“On a business perspective, there is no such possibility that we will sell our thriving unit to another player,” said Vingroup.
7-Eleven will be opening its first outlet in Vietnam early 2017 in Ho Chi Minh City. It will further expand into Southeast Asia with more stores in Malaysia, Singapore, Indonesia, the Philippines and Thailand.