Tesco, the world’s third-largest retailer, could be looking to expand its Asian operations into Vietnam to cash in on the country’s booming economy and underdeveloped supermarket sector.
According to a report in British newspaper the Independent the UK-based retailer is understood to be looking to enter two new countries. The newspaper reported, however, it did not expect the company to announce its intentions to do so in the immediate future.
It did, however, highlight the opportunities presented by Vietnam, the Philippines and Indonesia, which are experiencing healthy economic growth and have relatively undeveloped grocery markets, during an event for analysts in November of last year.
Tesco currently has a strong presence in South East Asia and is the market leader in both Thailand and Malaysia.
Vietnam, with a population of 87m, saw its economy grow by eight per cent in 2009, and, according to the Independent, its modern grocery market is worth just US$6.3bn at present.
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