The value of the deal has not yet been revealed.

The supermarket chain Queenland Mart was run by the HCM City-based retailer Vietnam Lotus Foods JSC, founded in July 2014.

The Queenland Mart stores are located in HCM City’s districts 2 and 7, catering to residents living in high-quality apartment buildings.

The new deal has raised Vinmart’s total number of stores by eight to 120 across the country.

Counting the number of Vinmart+ convenience stores, Vinmart’s parent firm Vincommerce – a member of realty and retail Vingroup – now has a total of more than 2,100 retail outlets in Viet Nam.

The new deal is a part of Vingroup’s efforts to expand its retail market share in the country after it purchased other smaller retail firms in recent years.

In April 2019, Vingroup acquired 87 Shop&Go convenience stores for total US$1. In October 2018, Vingroup bought out Fivimart stores for VND1 trillion ($43 million) from Nhat Nam JSC.

Vingroup in the first half of 2019 recorded an accumulative revenue of VND61.15 trillion ($2.63 billion), up slightly from a year ago, and a pre-tax profit of VND6.84 per cent, up 19 per cent year on year.

The company’s total assets and owner equity capital as of June 30, 2019 were VND338.35 trillion and VND126.2 trillion, respectively.

In the first half of the year, Vingroup earned VND2.8 trillion from selling its stakes in two minor realty firms.

According to Viet Capital Securities (VCSC), property sales continued propelling Vingroup’s earnings in the first six-month period on property pre-sales for shop houses, beach villas and condotels – which jumped 94 per cent year on year to VND31.4 trillion.

The realty and retail group acquired a 51 per cent stake in the Spanish phone maker Mondo Reader for VND954 billion.

Vingroup is listing more than 3.34 billion shares on the Ho Chi Minh Stock Exchange with code VIC.

The company shares ended Tuesday flat at VND123,500 ($5.31) per share. Vingroup shares have gained as much as 10.4 per cent since July 15. — VNS