Vietnam’s Pharmacity eyes 1000 stores by end of 2021

Vietnam’s largest pharmacy retailer Pharmacity has raised VND730 billion (US$31.8 million) in a fresh funding round as it ramps up its expansion plans.

According to a statement, the new funding will be used for further store network expansion. However, the identity of the investors was not revealed.

Pharmacity, which previously has received backing from Mekong Capital, aims to open 350 new stores this year and reach 1000 stores by the end of next year.

The company is targeting more than VND3 trillion (US$130 million) in revenue.

Last year, Pharmacity achieved revenue growth of 129 percent year on year, it said in a statement.

Prior to the latest funding round, Pharmacity had successfully raised VND150 billion (US$6.44 million).