Foodcosa shifts focus to retail business
By Ngoc Hung - The Saigon Times Daily
HCMC - HCMC Food Co., or Foodcosa, will focus on expanding its retail store chain Foodcomart as it now considers retail a core business amid a pessimistic outlook for rice exports, said a company executive.
Bui Duc Son, deputy director of Foodcosa, reported to the city government at a meeting on Wednesday that retail business has been growing well while rice export has slumped.
The company’s total revenue in the first half of the year is expected to amount to VND537 billion including VND456 billion generated from the Foodcomart stores, or some 62%, while the balance is from rice export.
The Foodcomart retail chain recorded a 21% year-on-year growth rate. Thus, Foodcosa plans to launch a number of retail outlets in the outlying districts namely 9, 12, Nha Be, Cu Chi and Tan Phu as well as open several convenience stores in neighboring provinces.
Given high demand for high-grade rice in HCMC, Foodcosa will develop a rice processing plant in order to produce high quality rice for the city market and export, he said.