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Tag: Vien Thong A

  • Mobile phone retailer Vien Thong A shuts up shop

    Mobile phone retailer Vien Thong A shuts up shop

    Vien Thong A, one of Vietnam’s earliest mobile phone retail chains, has shut all outlets after two decades of operation.

    All its Ho Chi Minh City shops were closed as of Thursday, some featuring “property for lease” signs while others held nothing but empty shelves.

    Vien Thong A, established in November 1997, operated 240 outlets nationwide at its peak, some inside supermarkets like Big C, alongside 100 maintenance stations.

    The chain was listed among Asia Pacific’s top 500 retailers by market researchers Euromonitor and business magazine Retail Asia, with revenues quadrupling from $102 million in 2013 to $416 million in 2017.

    In the same year, CEO Hoang Ngoc Vy announced a plan to restructure the company, seeking investors to expand the business.

    In September 2018, the company’s legal representative was replaced by Mai Thu Thuy, a senior Vingroup employee.

    Vingroup, Vietnam’s largest private conglomerate, confirmed it had acquired the chain in November 2018, managing a total 242 Vien Thong A shops as well as electronics chain VinPro as of September last year.

    However, Vien Thong A outlets started to close down soon after Vingroup announced it would dissolve VinPro to focus on technology and manufacturing in December last year.

    Vietnam’s consumer electronics retail market reached revenues of $609 million last year, a year-on-year increase of 15 percent, and is estimated to expand by 11.7 percent this year, according to German data portal Statista.

  • Vingroup acquires mobile phone retailer Vien Thong A

    Vingroup acquires mobile phone retailer Vien Thong A

    Vietnam’s biggest private conglomerate Vingroup has officially confirmed its acquisition of major tech products retailer Vien Thong A.

    In its financial statement for the third quarter of 2018, Vingroup lists Vien Thong A Import Export Trading Production Corporation as a fully-owned subsidiary.

    On September 14, Mai Thu Thuy, board member of the Vincom Retail Joint Stock Company and Chairwoman of the Vincom Mega Mall Royal City, was appointed legal representative of the acquired company.

    Established in November 1997 in Ho Chi Minh City, Vien Thong A is the oldest retail technology chain in Vietnam. It has nearly 200 stores, including independent shops and a “shop-in-shop” model in BigC supermarket, CoopMart, and 100 service centers.

    In early 2017, Vien Thong A CEO Hoang Ngoc Vy revealed plans to restructure the company and seek investors to expand its business.

    Last month, VinCommerce, a member of Vingroup, bought Fivimart from domestic company Nhat Nam JSC and Japanese retailer AEON, which held 70 percent and 30 percent stakes, respectively.

    In the first nine months of this year, retail sales of Vingroup reached VND12.89 trillion (nearly $555 million), a 41 percent year-on-year surge.

    Vingroup, Vietnam’s biggest property conglomerate, dominates the housing and property markets with Vinhomes.

    It has also entered the healthcare market with Vinmec, runs a chain of supermarkets called Vinmart, and entertains tourists at Vinpearl resorts.

  • Vingroup to take over Vien Thong A

    Vingroup to take over Vien Thong A

    Vietnamese conglomerate Vingroup’s electronics retailing arm VinPro is set to acquire mobile retail chain Vien Thong A next month.

    A source said that staff have been informed about the deal, and a merger process has commenced.

    However, Vien Thong A’s vice GM Huynh Viet Anh responded to a question about the report’s accuracy: “That can not be disclosed now.”

    Vien Thong A is one of the largest mobile device retailers in Vietnam. Founded in 1997, tit has 200 stores across the country.

    The deal is said to have been on and off since early this year, before being deferred to the second quarter. According to the report, VinPro, which has 35 outlets nationwide, would buy 71 per cent of Vien Thong A, and rebrand its stores to VinPro+.

    VinGroup, meanwhile, recently unveiled its first smartphone, branded the Vsmart.

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