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Vingroup's retail business jumps fivefold in first half

A Vinmart shopping center in Ha Noi capital. Vingroup plans to have 400 Vinmart centers across Vietnam by 2020.

HO CHI MINH CITY -- Vietnamese property developer Vingroup logged a 438% jump in its retail business to 6.9 trillion dong ($309 million), in the first half of 2016. The retail business now makes up around 20% of the company's revenue.

That impressive growth comes after Vingroup Chairman Pham Nhat Vuong revealed the company's decision to make retailing a core business, hoping to increase its contribution to sales to around 50% of the group total in the coming years.

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