Detals sought of Thai firm's acquisition of VN's Metro
THE VIETNAM Competition Authority has asked for details of the Metro supermarket acquisition by a Thai company.
Vietnam News Agency reported that VCA deputy director Dang Phuong Nam recently signed a document requesting that Mega Market Vietnam, which operated the Metro supermarket chains, explain the acquisition process.
Mega Market Vietnam was the new name of Metro Cash & Carry Vietnam after the acquisition by Thailand-based TCC Holding Co of the supermarket chain.
In January, Metro said TCC Holding had acquired its complete operations in Vietnam for 655 million euros (Bt$26.3 billion).
The VCA, in the document, said the request followed a proposal from the Ho Chi Minh City Union of Business Associations that legal compliance of foreign-invested retail firms needed to be checked to ensure healthy competition.
Metro must report the details before|May 30.
According to the VCA, Metro changed its business registration certificate for the ninth time on January 25 to become Mega Market Vietnam.
The VCA said the company was founded and operated in Vietnam, so it must comply with the country’s established laws on competition.
Mega Market Vietnam operates 19 wholesale supermarkets throughout the country.
