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South Korean Convenience Store Chain Chooses Vietnam as First Foreign Expansion

A South Korean convenience store chain will become the latest entry to Vietnam's competitive market later this year.

VnExpress reports that GS Group, a Korean conglomerate, will launch its GS25 convenience store line in the country, though no timeline is provided. This will be the company's first foray outside of Korea.

A spokesperson from the group told the news source: "We received requests from many countries, including China and other Southeast Asian countries, to export our brand. After months of research, we concluded that Vietnam had the largest potential for growth."

Foreign convenience store chains such as Family Mart, Circle K and Mini Stop, along with Japanese giant 7-Eleven, dominate 70% of the Vietnamese market, according to the news source. Domestic players like Vinmart have also expanded recently, especially in major cities.

GS Group claims that GS25 is the leading convenience store brand in South Korea, and the brand hopes to use Vietnam as a launch point for further expansion into Southeast Asia and China.

[Photo via ATK Magazine]

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