Son Kim Group, one of Vietnam's leading privately-owned retailers and South Korea's GS Retail plans to launch its first store in Ho Chi Minh City on Jan 19.
The two companies are eager to invest in the fast moving retail markets in the Southeast Asian region and expect to open more than 2,000 outlets across Vietnam within a decade.
Son Kim Land, the property arm of Son Kim Group, and GS Retail have cooperatively started GS25 Vietnam -- majority is owned by Son Kim and this venture was started to bring the South Korean GS25 convenience store network to Vietnam. GS25 Vietnam is all set to open 4 outlets in downtown Ho Chi Minh City.
GS Retail, one of the two largest convenience store operators in South Korea, said at a signing event for the joint venture last August that it had a 30% stake in the partnership, though declined to reveal how much it had invested.
Son Kim Group is familiar for underwear stores and it united with GS Home Shopping to improve home shopping. One of Son Kim's lingerie shops in Ho Chi Minh City has been converted into the first local GS25 store.