Vingroup JSC, Vietnam’s biggest listed firm by market value, said on Tuesday it will merge with leading consumer retailer Masan Group t create the country’s biggest retail company.
Vingroup said in a statement that the two companies were finalizing legal procedures to sign an official agreement for the merger between its retail and agriculture units and Masan Consumer, a subsidiary of Masan Group.
“The merger will enable us to expand our consumer base and ensure a fair retail playing ground for Vietnamese manufacturers,” said Truong Cong Thang, chairman of Masan Consumer Holding, which produces Vietnamese must-buy consumer goods.
The new company is expected to run 2,600 supermarkets and convenience stores, and 14 hi-tech farms across the country, the statement added.
After the merger, Masan Group will take control of the operation, while Vingroup will be a shareholder.
