The Saigon Union of Trading Co-operatives, Limited (Saigon Co-op) and
Singapore NTUC FairPrice Co-operative, Limited (FairPrice) announced
their Saigon Co.op – FairPrice joint venture on May 4 with a proposed
new chain of hypermarkets.
The joint venture, which
has an initial investment of 6 million USD of which 64 percent was
contributed by Saigon Co.op and 36 percent by FairPrice – will set up
two hypermarket chains throughout the country under the brand names
Co.opXtra and Co.opXtraplus.
The Chairman of Saigon
Co.op said that the joint venture will launch one or two hypermarkets
each year in major cities and the first Co.opXtraplus, invested with 9
million USD, is scheduled to open in Thu Duc district, Ho Chi Minh
City in mid-May.
Co.opXtra targets individuals and
households and Co.opXtraPlus will focus on organisations, companies,
schools, hotels, restaurants and other such enterprises, he added.
Saigon Co-op currently operates the Co-op Mart supermarket chain and
Co-op Food and Co-op stores in Vietnam with a strong presence in Ho
Chi Minh City and some other provinces.
FairPrice is a
retail giant in Singapore with over 260 supermarkets, hypermarkets and
other stores accounting for 57 percent of the country’s market share.-VNA