Homegrown supermarket chain NTUC FairPrice opened their first joint-venture store in Vietnam on Friday morning.
This partnership will open a new revenue stream for the chain and widen its source of supply. In turn, consumers in Singapore will see a wider range of Vietnamese products at stores here, and at lower prices due to economies of scale.
The store, named Co.opXtra Plus, is a joint venture between FairPrice, which has a 36 per cent stake, and the Saigon Union of Trading Co-operatives Limited (Saigon Co-op).
Located in the Thu Duc District, half an hour from downtown Ho Chi Minh City, the new store offers close to 50,000 types of products sourced from Vietnam and around the world. This includes FairPrice housebrand products. The 10,000 sqm store will also be FairPrice's first to serve both shoppers and businesses. Businesses can buy items in bulk to enjoy discounts, an option open to shoppers too.