Masan Group billionaire Nguyen Dang Quang is considering a billion-dollar deal in an area that is Vietnam's strength but has been controlled by large foreign corporations for the past decade.

Billionaire Nguyen Dang Quang will build The CrownX into a $10 billion firm and change the name of VinMart to WinMart, which will follow a new operation model after Vingroup, owned by Pham Nhat Vuong, leaves.

Under the management of Masan, hundreds of VinMart+ convenience stores will be closed this year.

By injecting VND500 billion ($21.74 million) into Anco, Masan MeatLife will increase its stakes from 70 to nearly 100 per cent.

It is unclear whether the GIC-led consortium has fully withdrawn from VCM or transferred its stake to other investors.

Supermarkets and retailers in Vietnam are making bank from the public rushing to stock up on indispensable food supplies, which could ultimately push forward an increase in awareness of food handling and safety.

The profit margin of VinMart+ has been improving over the last three years, and despite current losses, the retailer expects to turn a profit next year.

Masan Group intends to close up to 10 VinMart supermarkets and 150-300 VinMart+ convenience stores that have performed poorly and will open 20-30 new VinMart supermarkets and 300-500 VinMart+ stores this year.

Masan has announced that after the share swap deal with Vingroup, it now owned 83.74% of Vingroup’s subsidiary VCM Services and Trading Development Joint Stock Company (VCM) which operated Vinmart and Vinmart+ stores.

In less than a month, Masan Consumer, a consumer business of major conglomerate Masan Group, has initiated two deals to take its businesses beyond the food and beverage sector.

The market needs more cooperation among Vietnamese retailers amid the massive influx of foreign retailers, experts say.

All operations of Vingroup’s e-commerce platform Adayroi stopped since yesterday (December 17) evening.

It is becoming more and more difficult for manufacturers and suppliers to distribute their products via supermarkets.

Foreign retail groups undoubtedly are a powerful influence in the domestic market. However, Vietnamese retailers are vowing to ‘play big’ to gain the upper hand in the home market.

VietNamNet Bridge - The competition in the Vietnamese retail market has been consistently hot over the last decade.

Analysts several years ago predicted that foreign retailers, with their powerful financial capability and experience, would dislodge Vietnamese retailers out of the home market. But their business results have become worse.

VietNamNet Bridge - Vietnamese and foreign convenience stores are rushing to open more shops, use more technologies and provide more services in the retail market.

VietNamNet Bridge - More than one-third of Vietnamese households shop at convenience stores or minimarts 10 times a year, according to Kantar Worldpanel. 

VietNamNet Bridge - Retailers are rushing to develop online sales by offering technological solutions to attract more customers.