France: Auchan to develop presence in Vietnam
Auchan has announced that ISMS, Groupe Auchan's supermarket division, has recently signed a memorandum of understanding to develop a supermarket business in Vietnam.
CT Group is based in Ho-Chi-Minh City and specialises in commercial real estate.
The agreement will see the creation of a food retailing business with AuchanSuper as the majority shareholder. In addition, the two parties will form a partnership in a real estate company offering suitable sites for further development of the business. AuchanSuper will be a minority shareholder in this partnership, Auchan said.
The company went on to say that the move would build on the creation by CT Group of a supermarket under the S-Mart banner, with a second store currently under construction.
CT Group is drawing on its detailed knowledge of a stable and prosperous country to develop these joint projects, while AuchanSuper will contribute its overall expertise in the retailing industry, with a view to achieving significant developments in line with international standards, the French retailer concluded.