From June 28, Saigon Co.op took over the entire business and personnel activities of 18 Auchan Vietnam supermarkets.
Saigon Co.op and French retailer Auchan have announced that the two sides have reached an agreement to transfer all Auchan retail activities in the Vietnamese market.
Accordingly, Saigon Co.op will receive and transfer 15 stores, of which 3 stores will also operate with e-commerce activities and Auchan Vietnam’s online platform.
Not disclosing the transfer value, but Saigon Co.op said that the two sides had agreed on price completion. Saigon Co.op will manage the Auchan brand in Vietnam from now until the Lunar New Year (early 2020). After this time, both sides will discuss again.
Auchan’s entire system, personnel, and goods in Vietnam will be managed by Saigon Co.op. Auchan members will be transferred to Saigon Co.op members according to their wishes. The two retailers also said they are ready to discuss to open up other opportunities for cooperation in the future.
Mr. Do Quoc Huy, Marketing Director of Ho Chi Minh City Union of Trade Cooperatives said that after receiving 18 Auchan supermarkets, they will open new stores in the form of Co.opmart, Co.optra, Finelife supermarkets. …
Auchan entered Vietnam since 2015, present in Hanoi, Ho Chi Minh City and Tay Ninh. In mid-May 2019, French retail group Auchan Retail suddenly decided to sell 18 stores in Vietnam, withdrawing from the market.
CEO of French supermarket chain – Auchan Retail said above Les Echos that its business in Vietnam achieved € 45 million (USD 50.4 million) in revenue last year and is still losing money. Auchan is the last European representative to leave the retail market that is rated as Asia’s leading potential. This is also the first time a Vietnamese retail business has recaptured a world-class retail brand.
* Source: VnExpress