Saigon Co.op outlet plans to open supermarket overseas

HCM CITY — Saigon Co.op will expand its retail network this year to neighbouring Laos or Cambodia, according to Ngoc Chau, a representative of the supermarket chain's public relations department.

The co-operative was still performing market research in both countries and had yet to confirm its expansion plans abroad, Chau said, but a foreign site could be selected and construction begun before the end of the year.

In an effort to achieve its target of VND11.5 trillion (US$605.3 million) in earnings this year – representing a year-on-year growth of 34 per cent – the co-operative also planned to open 10 additional Co.op Marts in HCM City and neighbouring areas, at a total cost of VND500 billion ($26.3 million), Chau said, bringing the total number of Co.op Marts to 52.

It also planned 10-12 new Co.op Foods outlets, which would offer fresh fruits and vegetables, raising the total number of Co.op Foods outlets to 20 nationwide.

According to media reports, the co-operative's affiliated company, Saigon Co.op Investment and Development Co, would collaborate with Singapore-based property developer MapleTree and the Sai Gon Transportation Mechanical Corporation to inaugurate the first Saigon Co.op shopping centre this year.

The centre, which would include a high-rise complex, would be built on a site of 700sq.m in District 7's Tan Phong Ward, at an estimated cost of $300 million. Completion was slated for 2012. —VNS