Thursday,  May 13, 2021,23:06 (GMT+7) 0 0
Vingroup acquires Vien Thong A
The Saigon Times Daily
Tuesday,  Nov 6, 2018,15:23 (GMT+7)

Vingroup acquires Vien Thong A

The Saigon Times Daily

Customers look at products at a Vien Thong A store in Danang City - PHOTO: VIENTHONGA

HCMC – Huynh Viet Thuong, a representative of retail chain Vien Thong A, said yesterday that Vien Thong A had been taken over by Vingroup, noting that Vingroup would hold a press conference to announce the deal, the local media reported.

A few months ago, there was a rumor that Vingroup Joint Stock Company owned by Pham Nhat Vuong, the wealthiest Vietnamese, had acquired HCMC-based Vien Thong A, one of the largest mobile device retailers in Vietnam.

Vingroup confirmed its acquisition of Vien Thong A in its third-quarter financial report, which listed Vien Thong A as the group’s subsidiary.

On September 14, the legal representative of Vien Thong A was changed from Huynh Viet Thuong to Mai Thu Thuy, who is a familiar leader of Vingroup and holds various posts such as chairwoman of Vincom Mega Mall Royal City,  and deputy general director of Hanoi Southern City Development Joint Stock Company.

In addition, Hoang Ngoc Vy, general director of Vien Thong A, in January 2017 said that the retailer was seeking an investor to expand its business. Of the partners that contacted Vien Thong A, VinPro of Vingroup was reportedly regarded as a potential partner.

Besides this, a source from Vingroup said the group’s electronics retail arm VinPro would interview all staff of Vien Thong A after the merger.

The acquisition of Vien Thong A is expected to help Vingroup’s Vinsmart brand easily access customers in the market thanks to its reputation. It is appropriate to Vingroup’s development strategy as the group has built a hi-tech research institution, Vin Hi-Tech, to research and develop technology science.

Founded in 1997, Vien Thong A has some 200 stores across the country, mainly in HCMC and other southern provinces.

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