May 5, 2005
President Chain Store Corp. opened its first supermarket in Vietnam in mid-April. With President retail outlets already established in Canada, the Philippines and China, Vietnam is the Taiwanese retail giant's fourth overseas market.
Following a lead from Japan's Mitsubishi Corp., President bought a supermarket company in Hanoi and formed a new company called PCSC (Vietnam) Supermarket Co. President controls a 51% stake in the new company, with Vietnam's Hanoi Foods Co. and Mitisubishi holding 35% and 14% shares respectively. The company has capital of
USD 1.2 million.
Named Unimart, the new supermarket occupies floor space of 1,000 square meters on two floors. The first floor offers such food products as fresh and prepared foods, biscuits, candy and drinks, while the second floor provides household goods and beauty products. Forty percent of the 14,000 products offered at Unimart are imported, as the supermarket is aiming to appeal to the needs of Hanio's foreign residents as well as those of the Vietnamese.
President has also recently applied to Chinese authorities for a license to open a wholesale retail store in China's Sichuan Province. It is investing RMB 50 million in this venture.
President has assigned two Taiwanese executives that have spent the last year running the company's operations in the Philippines to head these new ventures in Vietnam and China.
(United Daily News, Central News Agency)
E-mail this page.
Invest in Taiwan
