Germany retail giant Metro is to open its third store in Vietnam at the end of July, with a further five stores planned for the next few years.
Metro had set an investment of around US$150m for eight mega-stores in the southeast Asian country where family-run stores prevail.
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Metro Vietnam managing director James Scott said the company was undeterred by losses at its Vietnam stores last year and the expectation that the stores would post losses again this year.
Scott declined to say when the stores would turn a profit, adding “It’s a long-term investment”, reported Reuters.
The new store will be in Vietnam’s capital Hanoi and will open on 31 July. The two other Metro stores are in the southern Ho Chi Minh City.
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