South Korea’s largest retailer, E-Mart Co. has inked a deal with Ho Chi Minh City, Vietnam to invest US$200 million in the country. The partnership will see the two build retail locations, supermarkets and various other types of commercial facilities in the Vietnamese city, E-Mart officials said.
Part of the money has also been earmarked local social development, they said.
Yonhap reports:
E-Mart opened a 160-square-meter toy library in the city in July and donated 10,000 motorcycle helmets for children as it engages in social activities in Vietnam. The company said it plans to expand its imports from the country to include food products, such as fruits and fisheries, as a way of enhancing mutual cooperation.
E-Mart currently operates its first Vietnamese branch in the Go Vap district of Ho Chi Minh City, which opened in December last year.
“We expect to increase our investment in Ho Chi Minh City, Vietnam’s economic center, in various forms through this MOU,” said Kim Seong-young, who heads new businesses for E-Mart. “Ho Chi Minh City will be the base in our efforts to enlarge the Vietnamese market.”
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