Speaking to the Daily, Duong Thi Ngoc Dung, general director of Vinatexmart, said the target set by Vietnam National Garment and Textile Group (Vinatex) as the mother company was to open some 20 supermarkets this year, raising the total to around 80. Luckily, with a deep price fall in the property market, Vinatexmart can now speed up its expansion by doubling the target, she added.

Dung said the leasing price has dropped by around 50%, and this is the chance for the firm to expand its Vinatexmart network. The firm has now leased some places with the shortest leasing term of 15 years and an area of 700 to 1,000 square meters.

Therefore, the total investment costs needed for the expansion this year will amount to VND720 billion.

In addition to opening supermarkets in HCMC, Vinatexmart is shifting its investments to other big provinces such as An Giang, Binh Duong, Dong Nai and Binh Dinh.

This plan is aimed at expanding the business network to many provinces and cities nationwide with a target of having 200 Vinatexmart supermarkets, stores and commercial centers by 2015, up from the current 71.

However, Vinatexmart has an advantage in garment, with apparel products accounting for nearly 50% of products at supermarkets and supplied by over 300 member companies of Vinatex, Dung said.

Besides developing the supermarket system, Vinatexmart this September will construct a goods storehouse worth VND106 billion covering an area of six hectares in Le Minh Xuan Industrial Park, HCMC’s Binh Chanh District.

Vinatexmart has recently increased its chartered capital from VND215 billion to VND420 billion. Bank for Investment and Development of Vietnam (BIDV) has also provided a huge loan for Vinatexmart to carry out its retail expansion and storehouse construction, according to Dung.

Despite the economic difficulties hitting the retail industry, Vinatexmart still obtained a revenue rise of 11% in the year’s first half from the same period last year.