FairPrice expands into Vietnam

NTUC FairPrice and Saigon Union of Trading Cooperatives yesterday inked a joint venture agreement to set up a chain of hypermarkets in Vietnam.

The joint venture will take Singapore’s homegrown brand overseas and position FairPrice in one of the top emerging markets in Asia.

The new chain of hypermarkets will leverage on Saigon Co-op’s network of supermarkets, as well as its existing loyalty programmes and large customer base, for economies of scale.

Click here to find out more!

By diversifying its business, FairPrice will be able to create a new income stream, it said in a statement. The new partnership also widens the source of supply for FairPrice, giving customers in Singapore more choices.

In Vietnam, Saigon Co-op will be able to better meet the growing needs of its customers by offering a wider range of food products, more competitive prices and greater accessibility, according to the statement.

Said Ng Ser Miang, chair of FairPrice: “Fair- Price has been moderating the cost of living in Singapore for the past 37 years and we are keen to share our experience with our friends in Vietnam.

“As the leading retailer in Vietnam, Saigon Co-op already has a strong customer following and is deeply rooted in the hearts of the consumers in Vietnam.”

FairPrice will contribute its expertise in the hypermarket- retail format to build and grow the chain of hypermarkets throughout Vietnam.

The hypermarkets will retail a wide range of local products and suitable imported products, as well as FairPrice housebrand products.

FairPrice and Saigon Co-op will also hold exchange programmes for their employees to facilitate knowledge transfer.

Saigon Co-op owns and operates a chain of Co-op Mart supermarkets and Co-op stores in Vietnam, with a strong presence in HCM City.

The first hypermarket under the joint venture is expected to be operational in Vietnam by 2012. – AsiaOne

Tags: FairPrice