Vingroup, Masan to create biggest retail platform through merger
HO CHI MINH CITY, NNA - Vingroup Joint Stock Co., Vietnam’s biggest listed company by market value, said Tuesday two of its units will merge with retail chain Masan Group Corp. to form a new mega-network of stores.
Vingroup is finalizing details of the merger between its retail arm VinCommerce and agriculture unit VinEco and Masan Consumer Corp., a subsidiary of Masan Group.
"After the merger, Vietnam will have a leading consumer and retail company," Nguyen Viet Quang, vice chairman and CEO of Vingroup, was quoted by local media as saying.
The new entity is expected to run 2,600 supermarkets and convenience stores across 50 provinces and 14 farms across Vietnam, Vingroup said in a statement.
Masan will take control of management for the new entity, and Vingroup will hold a minority stake, according to a VinCommerce internal statement that was obtained by NNA.
Vingroup declined to comment on the value of the deal and would not say when it might be signed.