Vietnam’s biggest private conglomerate Vingroup has officially confirmed its acquisition of major tech products retailer Vien Thong A.
In its financial statement for the third quarter of 2018, Vingroup lists Vien Thong A Import Export Trading Production Corporation as a fully-owned subsidiary.
On September 14, Mai Thu Thuy, board member of the Vincom Retail Joint Stock Company and Chairwoman of the Vincom Mega Mall Royal City, was appointed legal representative of the acquired company.
Established in November 1997 in Ho Chi Minh City, Vien Thong A is the oldest retail technology chain in Vietnam. It has nearly 200 stores, including independent shops and a “shop-in-shop” model in BigC supermarket, CoopMart, and 100 service centers.
In early 2017, Vien Thong A CEO Hoang Ngoc Vy revealed plans to restructure the company and seek investors to expand its business.
Last month, VinCommerce, a member of Vingroup, bought Fivimart from domestic company Nhat Nam JSC and Japanese retailer AEON, which held 70 percent and 30 percent stakes, respectively.
In the first nine months of this year, retail sales of Vingroup reached VND12.89 trillion (nearly $555 million), a 41 percent year-on-year surge.
Vingroup, Vietnam’s biggest property conglomerate, dominates the housing and property markets with Vinhomes.
It has also entered the healthcare market with Vinmec, runs a chain of supermarkets called Vinmart, and entertains tourists at Vinpearl resorts.