VCA questions Thai company's acquisition of Metro supermarket
VCA questions Thai company's acquisition of Metro supermarket
The Viet Nam Competition Authority (VCA) has asked for details of the Metro supermarket acquisition by a Thai company in accordance with Viet Nam's established laws on competition.
Tuoi Tre (Youth) newspaper reported that VCA's Deputy Director Dang Phuong Nam recently signed a document to request Mega Market Viet Nam which operated the Metro supermarket chains to explain the acquisition process.
Mega Market Viet Nam was the new name of Metro Cash & Carry Viet Nam after the acquisition of Thailand-based TCC Holding Company into the supermarket chain. In January, Metro said TCC Land International Pte, Ltd, a subsidiary of TCC Holding Company Ltd, has acquired its complete operations in Viet Nam for €655 million (US$706 million).
The VCA, in the document, said that the request came following a proposal from the HCM City Union of Business Association that legal compliance of foreign-invested retail firms needs to be checked to ensure healthy competition.Metro must report the details before May 30.
According to the VCA, Metro has changed its business registration certificate for the ninth time on January 25 to become Mega Market Viet Nam.
The VCA said that the company was founded and operated in Viet Nam so it must comply with the country's established laws on competition.
Mega Market Viet Nam now operates 19 wholesale supermarkets throughout the country.
