A Japanese conglomerate will open its first supermarket in Vietnam before the end of this month. The Japanese trading house Sumitomo Corp will join hands with real estate firm BRG Group to form Fujimart Vietnam Retail, Nikkei Asian Review reports.
By the end of the year, one supermarket branch will be opened in Hanoi, with two more to follow in 2019. The business move comes in light of the growing middle class in Vietnam and a consistently rising GDP.
In the joint venture agreement, BRG Group will hold control of the company, but Sumitomo will select the company president. Sumitomo, which has invested millions of dollars in the venture, has also sent people from its Summit supermarket unit.
The new supermarkets will make use of Summit’s point-of-sale system as well as a loyalty program to stock products efficiently according to customers’ shopping tendencies.
Similar to the Japanese model, cooked food will be made in-store, with store-wide temperature control to keep food ready for sale and consumption.