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Korea’s GS25 around-the-clock stores opening up in Vietnam

Collected: 2017.08.02

Distributed: 2017.08.03

Source: Go Direct

GS25 CEO Cho Yoon-sung (right in the center) and SonKim Group Chairman Nguyen Hoang Tuan (left in the center) are shaking hands after signing a partnership agreement in Vietnam last Thursday. [Photo provided by GS Retail Co.]

GS25 convenience stores run by Korea’s GS Retail Co. will debut in Vietnam.

GS Retail announced on Monday that it signed an agreement with SonKim Group to set up a joint venture running convenience store business in Vietnam. GS Retail will own 30 percent stake in the joint venture and SonKim remaining 70 percent.

The two finally agreed to set up after three months of discussion, said an unnamed GS Retail official, adding that GS Retail would be the first Korean convenience store chain operator to enter Vietnam. The GS Retail-SonKim joint venture aims to open its first GS25 store in Ho Chi Minh City, Vietnam by the end of this year with a bold plan to add more than 2,500 GS25 outlets in the Southeast Asian country within 10 years.

Under the agreement, GS Retail will provide the joint venture the rights to use its trademark and its expertise on the management and operations of convenience store chains. In return, the GS Retail-SonKim joint venture will pay GS Retail royalties and dividend tantamount to the 30 percent interest.

SonKim is one of the fastest growing companies in Vietnam with its business spanning from real estate, media to retail. It runs Vietnam’s No. 1 underwear store chain. It has been also running home shopping business in partnership with GS Home Shopping Inc., GS Retail’s sister under GS Group since 2012.

GS Retail expects its advancement in Vietnamese convenience market will be a stepping stone for its overseas expansion, in particular other Southeast Asian countries and China, said a GS Retail official.

By Sohn Il-seon and Park Eun-jin

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