Sumitomo Corporation and BRG Group on Thursday signed a joint-venture contract on expanding the FujiMart supermarket chain in Vietnam.
Under the agreement, BRG Retail Ltd, a subsidiary of BRG Group, will work with the Japanese giant to open an average 5-10 stores per year from 2022, bringing the total new stores in cities and major provinces by 2028 to 50.
Speaking at the signing ceremony, Shiomi Keigo, Chairman and CEO of Sumitomo Corporation for Asia and Oceania, said the FujiMart supermarket chain is a perfect combination and a synergy of two strong brands to provide clean, safe and fresh products every day to consumers, with a dedicated and professional service style.
He said Vietnam’s retail market has strongly prospered in recent years, shifting from traditional, small stores to modern supermarket chains and convenience stores due to people’s greatly improved awareness of food hygiene and safety, especially in the context of Covid-19.
After more than three years of operation, FujiMart currently has three stores at 142 Le Duan, 36 Hoang Cau, and 324 Tay Son streets in Hanoi.
Sumitomo Corporation and BRG Group are working on another project, a smart city development in northern Hanoi, with total investment capital of $4.2 billion.
BRG is a leading multi-industry private group, involving in diverse areas from real estate, resorts and hotels, golf courses and entertainment to trade, retail, pharma and agriculture.