FamilyMart eyes Vietnam’s potential market

FamilyMart Co. Ltd, Japan’s third-largest convenience store chain operator, has said it plans to open its first store in Vietnam by the end of this year.

The company will set up a joint venture with Vietnam’s leading distribution group Phu Thai and open a store in Ho Chi Minh City, the FamilyMart spokesman, Takashi Shinno, reportedly said in Tokyo on April 22.

It expects to increase the total number of similar stores in the Southeast Asian country to around 300 within the next five years.

Japan’s trading company Itochu will also hold stakes in the joint venture and shoulder the development and distribution of products.

The plan will make FamilyMart the first major Japanese convenience store to penetrate Vietnam as its rivals such as Seven-Eleven and Lawson are also looking overseas amid a gloomy outlook in Japan due to an ageing population and a saturated market.

By the end of March, FamilyMart had opened more than 7,300 stores abroad, mainly in the Republic of Korea and Taiwan. (VNA)

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