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Indochine Counsel advised Thaco Group in acquisition of 100% stake in E-mart Vietnam and strategic franchising arrangement with E-mart Inc.

Indochine Counsel Press Release

Ho Chi Minh City, 8 June 2021 --- Indochine Counsel advised Truong Hai Auto Corporation (Thaco Group) in acquisition of a 100% stake in E-mart Vietnam Co., Ltd. from South Korea’s largest retailer E-mart Inc. As part of the deal, the parties have also entered into a strategic franchise arrangement whereby E-mart will no longer operate its brand discount stores in Vietnam, but all stores will be operated by Thaco using the E-mart brand.

E-mart entered the Vietnamese market in December 2015 and opened its first and only hypermarket store in Go Vap District, Ho Chi Minh City. The retailer failed to realise its expansion plans due to challenges in securing licenses and development sites.

Thaco Group is one of the leading car manufacturers in Vietnam and the fourth-largest firm in the country. The group also owns a number of business sites and shopping malls. Via the strategic alliance, Thaco Group plans to open three discount stores in Vietnam next year and a total of 11 by 2026.

The deal represents a major agreement between one of Vietnam’s largest auto manufacturers and Korea’s largest retailer. Indochine Counsel represented Thaco from the initial discussions throughout the negotiation for the deal for both acquisition and franchise arrangement. The Indochine Counsel team was led by Managing Partner Dang The Duc, with support from Dang Hoan My (Associate), Thai Gia Han (Junior Associate) and Steven Jacob (Foreign Associate).

About Indochine Counsel

Indochine Counsel is one of Vietnam’s leading law firms. It is a business specialty firm with nearly thirty lawyers in both Ho Chi Minh City and Hanoi. Founded nearly 15 years ago, Indochine Counsel has six partners and is capable of handling both boutique services and large M&A deals. For more information about Indochine Counsel, please visit our website at

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