Shinsegae’s Emart set to exit Vietnam

Local firm THACO likely bought a full interest in the company.

South Korea’s largest supermarket chain operator Emart, which is owned by Shinsegae, has revealed in its shareholder meeting documents that it will exit Vietnam after six years of operation, IGD reported.

The company announced that it will sell 100% of its interest in Emart Vietnam, which was opened in 2015. It was reported that local firm Truong Hai Auto Corporation (THACO) is likely to be the buyer, who has expressed plans to operate Emart Vietnam as a franchise.

Emart entered Vietnam with one supermarket in Ho Chi Minh city, which had an investment cost of $60m.The firm has been looking into further investment of $410m (KRW460b) into the Vietnam business by 2022.

In 2018, it acquired land with plans to open another store in the city, however the project has been delayed due to local regulations and legal setbacks, IGD noted.