Aeon Ends Tie-Up with Vietnamese Supermarket Operator

September 2, 2018

Tokyo- Major Japanese retailer Aeon Co. said Friday it has dissolved a capital and business alliance with Hanoi-based supermarket operator First Vietnam Joint Stock Co., or Fivimart.

Aeon withdrew all of its investment in Fivimart on Wednesday. Previously, Aeon owned 30 pct of the Vietnamese company.

The two companies formed the tie-up in November 2014. But Aeon decided to terminate the partnership, believing that it will not produce benefits due to differences in their management strategies, including on ways to open outlets.

Meanwhile, Aeon will continue its capital and business partnership with another Vietnamese supermarket operator, Ho Chi Minh City-based Dong Hung Co., or Citimart. They forged the tie-up in 2014. Jiji Press