In the early 1990s, the economy shifted from a subsidized mechanism to a market economy, many old cooperative models encountered difficulties and were dissolved en masse. In that context, the Ho Chi Minh City Union of Commercial Cooperatives ( Saigon Co.op ) was established on May 12, 1989 with the predecessor being the Ho Chi Minh City Trading Cooperative Management Board, which was officially transformed with two functions: organizing and mobilizing the cooperative movement and directly doing business.
Saigon Co.op – a special cooperative
With the help of cooperative movements from Japan, Singapore and Sweden, the first Co.opmart supermarket was established on Cong Quynh Street, Ho Chi Minh City in 1996. To compete with supermarkets that mainly sold imported goods at that time, Co.opmart determined the strategy of becoming a distributor of Vietnamese goods, true to the nature of cooperatives: self-service and serving the majority.
To date, Saigon Co.op is not only the largest retailer in Vietnam but also a multi-industry "corporation", owning many valuable assets.
Co.opmart Cong Quynh national supermarket - symbol of splendid Saigon in the 90s.
In the retail sector, in addition to the Co.opmart supermarket chain, Saigon Co.op is serving about 1 million customers/day and expanding to more than 800 supermarkets, hypermarkets, and convenience stores. Up to now, the Saigon Co.op system has hundreds of Co.opmart supermarkets, along with other names in the retail ecosystem such as Co.op Xtra, Co.op Food, Co.op Smile, Cheers 24h, Sense City, SC Vivo City... covering all retail segments.
In fact, the modern retail landscape today has almost "changed" and competition is increasingly fierce, modern consumer trends are on the rise, the market has become a fierce playground for a series of domestic and foreign brands such as WinMart, Bach Hoa Xanh, AEON, ThisoMall, Emart...
Saigon Co.op still maintains positive business results in the context of many other chains sinking into losses. According to the 2022 report, Saigon Co.op officially regained its top position in the retail market with a revenue of more than 31,000 billion VND. Thus, from a revenue of less than 1 billion VND at the time of establishment, this number of Saigon Co.op has increased more than 30,000 times after more than 34 years of operation.
At the Supplier Conference held last March, Saigon Co.op announced its business plan for 2023 with an expected revenue growth of 4%. Commenting on the feasibility of the above target, Mr. Nguyen Anh Duc - General Director of Saigon Co.op - said that Vietnam's economic situation this year is forecast to maintain good growth but will also face many difficulties.
Worryingly, inflationary pressures, rising interest rates, exchange rates, and rising input costs are putting great pressure on production activities; competition in the retail market is expected to become increasingly fierce with the participation and expansion of domestic and international retailers.
Currently, Saigon Co.op has 26 member cooperatives with a wide range of operations. Unlike the joint stock company model, Saigon Co.op does not follow the model of shareholders who contribute more will take over those who contribute less. The cooperative's operations do not have the situation of big fish swallowing small fish.
" A cooperative is an organization with the participation of a large number of people who adapt to the market mechanism. Having members means having a loyal customer base. Members do not invest to make a profit but to support each other. Profits are divided according to sales volume ," Mr. Duc shared.
By 2023, Saigon Co.op plans to develop 50-60 new points of sale while increasing sales by 50% through e-commerce channels.
Saigon Co.op Birthday Promotion Program
On the occasion of celebrating Saigon Co.op's 34th birthday, the Co.opmart, Co.opXtra, Co.op Food, Co.op Smile, Cheers, Finelife systems and the online shopping website www.cooponline.vn are excitedly launching outstanding promotional programs applicable from now until May 24, specifically:
Big sale to celebrate 34 years old - Only on 12/5 (12/5) with big discounts on fresh food products including meat, fish, vegetables, tubers, fruits and berries with discounts up to 25%. Corresponding to bills worth 300,000 VND, 600,000 VND, 900,000 VND... buy 1 product, 2 products, 3 products... at preferential prices.
Flash sale - Big weekend (May 12 - May 14 and May 19 - May 21) with discounts of up to 34% on mango products, Karo cakes of all kinds, chocolate and vanilla croissants, sausages, CJ Cau Tre spring rolls, spaghetti, salad dressing, Super Clean dishwashing liquid, Lifebuoy handwash, Maxkleen laundry detergent, Colgate toothpaste...
Buy many great deals with super bargain prices from only 24,900 VND to 150,000 VND applied to the 2nd, 4th, 6th... products of the same type including laundry products, body care, technological foods, and clothing.
Super promotion (May 12-14 and May 19-21) with deep discounts of up to 44% on some household products, clothing, chemicals and technological foods when customers shop with a bill of 300,000 VND or more.
Shocking price reduction up to 50% off or buy 1 get 1 free at original price applied to technology products, appliances, chemicals and clothing.
Lucky Wheel Minigame "Give gifts, send love" (May 11-14) Customers visit the website https://cooponline.vn/ click on the program banner or popup to spin and receive E-voucher Got It worth up to 100,000 VND (e-voucher Got It is used to pay directly/online via web/app at more than 300 famous brands nationwide).
Lucky draw of partner PNJ (May 15-24) Customers who visit the website https://cooponline.vn/ will be able to participate in the "Lucky draw" to win 0.5 PNJ gold tael/day.
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