Saigon Co.op inks deal to upgrade market into new outlet

Vietnam’s leading retailer Saigon Co.op Thursday signed a deal with Tin Nghia Real Estate Company to take over its existing market in Bien Hoa Town and upgrade it into a supermarket.

The 3,000-square meter Co.opMart Tan Bien would be the retailer’s second outlet in Tan Bien Ward, an affluent business center in the city. Saigon Co.op said it is set to invest more than VND20 billion (US$1.1 million) to renovate Tan Bien market. Work would start next month, the retailer said, adding the supermarket would begin full operation in the third quarter. In July 2007, Saigon Co.op opened its first outlet in Dong Nai Province. Saigon Co.op’s revenues last year topped VND6.35 trillion ($372 million), a 48.9 percent year-on-year increase and it expects this to rise to VND9 trillion this year. It plans to have around 100 outlets by 2020. Reported by Vinh Bao