Two Vietnam firms to merge units to create retail giant

Vingroup, which started its auto assembly firm VinFast this year, agreed to the merger so it can focus more on manufacturing and technology.

HANOI: Two of Vietnam’s most important companies plan to merge some of their units to create a retail giant in the country.

Vingroup JSC’s retail and agriculture units will merge with Masan Consumer Holdings -- a subsidiary of Masan Group Corp. -- to create the new corporation, according to a Vingroup statement. Vingroup’s shares in VinCommerce and VinEco will be converted into shares of the new company, in which Vingroup will be a shareholder and Masan Group will take control.