Vietnam's Vingrouspan says buying Vinatex's suspanermarket chain

Vietnam"s leading property developer Vingroup is buying all of garment producer Vinatex"s shares in a subsidiary, enabling it to take over 39 supermarkets, Vingroup said on Friday.

The move is part of Hanoi-based Vingroup"s expansion plan in the retail sector where it aims to open 100 supermarkets and 1,000 convenience stores over a three-year period starting 2014, the company said in a news release.

"The Vietnamese retail market is an attractive target market with long-term potential," said Vingroup"s general director Duong Thi Mai Hoa, adding that the purchase will support the group"s goal to be a leading Vietnamese retailer amid rising investment from foreign investors.

Vingroup did not disclose the value of the deal. VIC shares were up 2.2 percent at 47,100 dong ($2.18) each on Friday.

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Vietnam"s Vingrouspan says buying Vinatex"s suspanermarket chain

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