Vietnam’s largest distribution system was officially established on May 14 as a joint venture between four giant retailers in Vietnam, namely Hanoi Trade Corporation (Hapro), Sai Gon Trade Corporation (Satra), the HCM City Union of Trade Cooperatives (Saigon Co.op), and Phu Thai Distribution and Investment Group.

Named as Vietnam Investment and Development Joint Stock Company (VDA), the company has an initial capitalization of VND600 billion and an investment level of VND1,500 billion. It is expected to raise these figures to more than VND2,000 billion and VND6,000 billion by November 2008.

VDA plans to develop its infrastructure and chain of supermarkets and storehouses, which will be later handed over to corporations.

Also on May 14, VDA signed a strategic cooperation agreement with the Vietnam National Shipping Lines, the Vietnam Association of Seafood Exporters and Producers, and the Bank for Investment and Development of Vietnam.

Source: VOV