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E-Mart could be able to compete in the hypermarket sector after joining THACO?

Vietnam's retail market is witnessing the development of many famous retail brands in the regional areas. This makes the business race for the retail sector increasingly fierce. According to a report released by the Ministry of Industry and Trade, Vietnam's retail industry currently has a market size of USD 142 billion. This figure partly confirms the attractiveness of Vietnam's retail market to foreign businesses.

Some foreign enterprises are famous for their supermarket chains such as brands from Thailand (Central Group with GO! and Top Market), Korea (Lotte Mart), Japan (Aeon supermarket),…

The fact that foreign retailers invest in the Vietnamese market has put certain pressure on the market share of domestic retailers. This also urges Vietnamese enterprises to find ways to compete with FDI enterprises.

Over the past 5 years, the face of Vietnam's retail industry has changed a lot. The opening for cooperation between Vietnamese businesses is the Masan Group and Vingroup to become a large manufacturing and retail group in Vietnam. The WinMart retail store system of Masan Group Joint Stock Company is almost unmatched in the segment of retail stores in residential areas.

At the end of 2021, THISO - a member corporation of THACO Group, officially completed the signing of an agreement on the capital transfer and exclusive franchise business with Emart Inc. Their ambitious goal for 2026 is to achieve 20 Emart hypermarkets with sales of USD 1 billion and lead the hypermarket market in Vietnam.


AEON is currently one of the largest retail trade groups in the world with 179 joint ventures inside and outside of Japan. Founded in 1758, spanning nearly 260 years, AEON Corporation is one of the oldest retailers in Japan.

AEON officially started the Vietnamese market in 2009 and established AEON Vietnam on October 7, 2011, investing in a variety of retail businesses, opening its first shopping center in 2014 - AEON Tan Phu Celadon. After more than 10 years of entering the market, AEON Vietnam is now reaping many successes in the fields of investment and becoming the leading retailer in Asia.

AEON's revenue fluctuated in 3 years. In 2020, the revenue reached more than VND 1000 billion. Revenue decreased by 27% in 2021 and increased by 80% in 2022, reaching more than VND 1360 billion. In terms of profit after tax, AEON's profit reached more than VND 460 billion in 2022, an increase of nearly 600% compared to 2020.

GO! & Top Market

In 1998 Big C started to appear in Vietnam, this is a branch of Casino Group. At this time, Big C cooperates with Casino Group and some Vietnamese companies. After the French Casino Group agreed to sell shares to the Thai group, Big C Vietnam returned to Thailand's Central Group in April 2016 with a transaction value of about 920 million euros, equivalent to USD 1.05 billion. GO! and Top Market is the new name of the Big C supermarket chain. This strategy of "Rebranding" is to reposition the brand.

Revenue of supermarket chain GO! and Top Market of EB Services Co., Ltd. ranked second in the market in 2022. Revenue has increased and decreased continuously for 3 years. In 2020, revenue reached more than VND 17.1 trillion. Revenue decreased by 4% in 2021 and increased by nearly 31% in 2022, reaching more than VND 21.5 trillion. GO! and Top Market’s profit tended to decrease over time. Specifically, in 2020, profit after tax reached a positive level of nearly VND 60 billion. In the past two years, businesses have received negative profits and tended to increase their losses, from negative VND 104 billion in 2021 to nearly VND 190 billion in 2022.

Mega Market

MM Mega Market Vietnam, a member of Thailand's BJC/TCC group, inaugurated the first Modern Wholesale Center in 2002 in Ho Chi Minh City. Ho Chi Minh. In 2016, TCC Group - the parent company of Mega Market officially received the transfer of the hypermarket chain from Metro for 655 million euros. Then changed its name from Metro Cash & Carry Vietnam Co., Ltd. to MM Mega Market Vietnam Co., Ltd.

After more than 20 years of operation and development, MM Mega Market Vietnam has expanded into 21 Wholesale and Supermarket centers nationwide, along with 5 supply stations, two transit warehouses with more than 4000 employees, and 2000 product supply partners.

The brand's revenue fluctuated slightly in 2020 and 2021 at around VND 13.6 trillion and increased sharply in 2022, reaching more than VND 14.6 trillion, up 7% compared to revenue 2 years ago. Regarding profit after tax, the recorded profit increased continuously for three years. Specifically, in 2020, the profit reached more than VND 170 billion. This number increased to 24% in 2021, reaching nearly VND 240 billion, and up 40% in 2022, reaching nearly VND 300 billion.

Co.op Mart

Co.opmart is a pure Vietnamese supermarket under the Saigon Union Trading Co-operative (Saigon Co.op) operated according to the cooperative model of economics. Opened in 1996 in District 1, the brand is considered an important initial foundation that helped shape the development of Vietnamese modern retail to this day.

After nearly 30 years, Saigon Co.op has increased the total number of Co.opmart supermarkets in operation to 128 times higher than the original. Co.opmart's distribution scale is also expanded from Ho Chi Minh City to 45 provinces and cities across the country. Currently, the Co.opmart supermarket chain, along with other modern retail models of Saigon Co.op, is considered the backbone of the Vietnamese distribution system.

The brand's revenue fluctuated slightly in 2021 and 2022 at around VND 17.5 trillion after decreasing by 18% compared to 2020. In terms of profit after tax, profit in 2020 reached VND 860 billion. This figure drops to more than 75% in 2021, reaching about VND 200 billion, and increases again by more than 340% in 2022, reaching more than VND 910 billion.

Lotte Mart

Lotte Mart is a company of the Korean Lotte Group. The brand is a chain of supermarkets that sell a variety of groceries, clothing, toys, electronics, and other goods.

Entering the Vietnamese market in 2008, Lotte is a pioneering Korean retailer in the retail sector in Vietnam. The first Lotte Mart supermarket was built in Saigon South, District 7 and this is also where the headquarters of LOTTE Mart Vietnam is located. As of April 2023, LOTTE Mart has a total of 178 supermarkets globally, of which 15 supermarkets are in Vietnam.

Lotte Mart's revenue in 2020 was about VND 5920 billion. This figure decreased to VND 1,000 billion in 2021 and increased to VND 5930 billion in 2022. The brand's 3-year profit was always negative and sharply decreased in 2021. Specifically, in 2020, profit reached negative VND 40 billion. In 2021, the loss increased by nearly 20 times compared to 2020, reaching negative VND 820 billion. By 2022, the loss decreased back to negative VND 50 billion.


WinCommerce is a member of Masan Group, which owns and operates the WinMart supermarket chain and WinMart+ convenience stores. After 2 years of being acquired by Masan Group from Vingroup, the VinMart and Vinmart+ retail systems have begun the process of rebranding to WinMart and WinMart+. Along with that, the name of the parent company operating the supermarket chain, VinCommerce, was also changed to WinCommerce.

With more than 8 years of establishment and development, WinCommerce is proud to be a domestic enterprise reaching out strongly in the retail industry, achieving many impressive business achievements, and becoming a prestigious system with the largest revenue and coverage. nationwide with a system of 131 WinMart supermarkets, and 3000 WinMart+ stores in 63 provinces and cities in Vietnam.

WinCommerce is the leading brand by revenue in the retail market. Revenue has decreased slightly over the years from VND 31 trillion to more than VND 29 trillion. In 2022, revenue reached more than VND 29 trillion, down 5% compared to the two years before 2021 and 2020. In terms of profit after tax, the band recorded a high loss. In 2020, the profit was negative more than VND 3200 billion. This profit figure reduced the loss by more than 95% compared to 2021 with a negative of nearly VND 150 billion. After that, the loss tripled in 2022, reaching negative nearly VND 450 billion.

Satra Mart

On November 2, 1995, Saigon Trade Corporation was established. SATRA is the owner of a large retail system in Ho Chi Minh City including Binh Dien Trade Center (Binh Dien Wholesale Market) which is considered the largest wholesale market in Vietnam. Besides, there are Center Mall, Tax Supermarket, Saigon Supermarket (Satra Mart), convenience food chain Satrafoods; chain of petrol stations, Satra Bakery & Café, Vietnamese restaurants,…

In 2012, Saigon Supermarket was renovated to upgrade its scale and strengthen its business capacity. After going through many ups and downs, developing the brand, Saigon supermarket together with other supermarkets such as TAX supermarket and Center Mall Pham Hung combined to create the Satra Mart supermarket system, becoming a system. system of commercial service centers and supermarkets as today. Since then, Saigon Supermarket has become the leading retailer in the SATRAMART system.

In the period from 2020 to 2022, Satra Mart's revenue recorded a continuous decrease. In 2022, revenue reached more than VND 4000 billion, down slightly compared to 2021 and down 27% compared to 2020. Although Satra Mart's revenue was not high, the brand's profit was among the top in the market. Profit in 2020 recorded more than VND 3700 billion. Profits decreased slightly by 1.5% compared to 2021 and more than 7% compared to 2020.


E-Mart is a supermarket brand of South Korea's Shinsegae. In 2015, Emart built and opened the first hypermarket in Go Vap, Ho Chi Minh City with a total investment capital of up to USD 60 million. However, after 5 years of being evaluated as a very successful business and well-received by consumers, Korean investors could not open any new locations.

Therefore, E-mart Group decided to change its strategy by looking for a capable partner in Vietnam to expand its business model together. The brand has decided to sell 100% of its shares to Truong Hai Automobile Group (Thaco), one of Vietnam's major automobile manufacturers, and owns many retail real estate.

Accordingly, the largest Korean retailer will receive royalties from Vietnamese buyers. It can be understood that the E-mart brand is still present in Vietnam but will be operated by THISO Retail. This deal also expects the Vietnamese car manufacturer to open 10 E-mart supermarkets by 2025 and 20 Emart hypermarkets in 2026.

Retail trends of large enterprises

After Covid-19, a large part of Vietnamese consumers began to familiarize themselves with e-commerce, which created a solid shift to the trend of multi-channel shopping. This is also a long-term trend that retailers need to pay attention to because consumers nowadays are open to choices, and willing to change brands and change locations when buying.

In other words, retailers should invest more in digital transformation to optimize the customer experience. At the same time, it is necessary to focus on bringing flexibility and information transparency to users, such as allowing customers to track the shipping process or choose a delivery time.

Another trend in retail is entertainment shopping, and digital content creation accompanied by product marketing. This is a form of business that was born during the pandemic and will continue to be the mainstream in the coming years.

Source: Vietdata's 2022 Hypermarket Chains Market Report

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