Japanese drugstore operator Matsumoto Kiyoshi is to open stores in Vietnam in partnership with a local company, Lotus Food Group.
The two parties have formed a joint venture, Matsumoto Kiyoshi Vietnam JSC, to operate a drugstore chain under the name MatsuKiyo in Vietnam. In Japan, Matsumotokiyoshi operates stores under the banner Matsumoto Kiyoshi.
According to a statement by Matsumotokiyoshi, a JV company has been set up with a capital of US$1.36 million, 51-per-cent owned by Matsumotokiyoshi, 48.87 percent by Lotus Food Group and 0.13 percent owned by Le Van May, the president and CEO of Lotus.
After its successful expansion in Thailand, Matsumotokiyoshi chose Vietnam as its next Southeast Asian destination, hoping to strengthen its presence further in the region.
The brand now has 34 stores across Thailand, five in Taiwan and is planning to open in Hong Kong in the near future.
The first MatsuKiyo store’s location and an opening date has yet to be disclosed.