ITOCHU Announces Establishment of Vina FamilyMart Co., Ltd., the First Joint Venture Japanese Retail Business in Vietnam
July 28, 2011
ITOCHU Corporation (headquartered in Minato-ku, Tokyo; hereinafter “ITOCHU”) and FamilyMart Co., Ltd. (headquartered in Toshima-ku, Tokyo; hereinafter “FamilyMart”) announced today that they will set up Vina FamilyMart Co., Ltd. (hereinafter, “VFM”) with Phu Thai Group Joint Stock Company (headquartered in Hanoi, Vietnam; hereinafter “Phu Thai”) as the operator for FamilyMart in Vietnam.
VFM is the first joint venture company in Vietnam involving a Japanese major retailer, and its establishment is scheduled for early August, with business set to commence from mid-August. FamilyMart will continue to develop its business in Vietnam by granting VFM the Master License of “FamilyMart” in Vietnam, and concluding the Area Franchising Agreement with VFM.
Vietnam has one of the highest economic growth rates in Asia and a very young population composition, and as such the consumer market in Vietnam is expected to see rapid growth. FamilyMart opened the first Japanese-style convenience store in Ho Chi Minh City in December 2009, with seven stores operating today, so convenience stores market in Vietnam are currently still in the initial stages. The FamilyMart stores currently operating are run by Family Company Ltd., a wholly-owned subsidiary of Phu Thai.
The establishment of VFM will bring together the strong infrastructure of Phu Thai, with its extensive distribution network in Vietnam, the convenience store operating know-how of FamilyMart, and ITOCHU’s strengths in procurement. Through this combination, we wish to accelerate the expansion of FamilyMart stores in Vietnam and develop the franchising system, as well as bringing consumers a new, fun style of consuming, and contributing to the development and modernization of Vietnam’s distribution industry as a whole.
|Name||Vina FamilyMart Co.,Ltd.|
|Location||Ho Chi Minh City, Vietnam|
|Representative||Chairman: Pham Dinh Doan / President: Junichi Yamashita|
|Capital||48 billion VND|
Phu Thai Group Joint Stock Company 51.0%
FamilyMart Co., Ltd. 44.0%ITOCHU Corporation 5.0%