Saigon Co.op to go abroad

Saigon trade cooperative (Saigon Co.op) plans to reach 11.5 trillion dong of total revenue in 2010, growing by 34 percent year-on-year, in which the turnover from Co.opMart chain is estimated to account for 11.2 trillion dong, surging 35 percent.

In 2010, Saigon Co.op plans to start work on first overseas trade centre and open extra 10 Co.opMart supermarkets in Vietnam, bringing the domestic network to 52 supermarkets, said the general director Nguyen Thi Hanh.

Among new supermarkets, two will be built in Go Vap and Hooc Mon districts of HCM City, one in Da Nang, Phu Tho, Quang Ngai, Quang Tri, Soc Trang, Binh Duong, Nha Trang and Hanoi in this April 30.

Nguyen Ngoc Hoa, chair of Saigon Co.op revealed that total cost for new supermarkets will be 50 billion dong.

In addition, the cooperative will start operation of 10-12 more Co.opFood shops, lifting to its HCM City network to 20.

Especially, Saigon Co.op Investment and Development JSC (SICD), a member of Saigon Co.op will cooperate with Singapore’s MapleTree Co and Saigon Transportation Mechanical Corp (Samco) to build the first trade centre consortium Tan Phong ($300 million) on 70,000 sqm in HCM City’s Dist 7. The consortium comprizes trade centre, CoopMart, office building, Shopping Mall. Construction time for the project is about two years.

Also, Saigon Co.op and domestic partners namely Sawaco, May Saigon 3 and Saigon Ship will co-establish a new entity International Square Joint Stock Co to develop the office building and trade centre at 86 Nguyen Thi Minh Khai St, HCM City’s Dist 1.

Last year Saigon Co.op earned total turnover of over 8.571 trillion dong, a year-on-year growth of 34.9 percent. In which, the revenue made by Co.opMart supermarket chain reached 8.307 trillion dong.

Tags: Saigon Co.op, Vietnam companies, Vietnam enterprise, Vietnam enterprises

Posted by VBN on Mar 8 2010. Filed under Enterprises. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry