S. Korean c-store chain eyes opening 2,000 stores in Vietnam by 2028

South Korean convenience store operator GS Retail Co. plans to roll out 2,000 outlets in Vietnam in the next 10 years, according to a Yonhap News Agency report.

The move is in line with the company’s strategy amid cutthroat competition in the retail industry in South Korea. The country’s $17.5-billion convenience store market is currently dominated by GS25, CU, and 7-Eleven.

In Vietnam, two GS Retail stores are opening this month following an agreement signed with local company SonKim Group.

Vietnam’s retail market is expected to grow at almost 12 percent annually to around $179 billion in 2020, as previously reported on PetrolPlaza.