Banks trim corporate bond holdings
HCMC – Commercial banks have reduced their holdings of corporate bonds amid a bleak bond market outlook and
Last year, CVS Holdings, which operates the GS25 Vietnamese convenience store chain, suffered a post-tax consolidated loss of over 167 billion VND, equivalent to nearly $21,000 per day.
The latest report of CVS Holdings mentioned the above information. Compared to 2021, this loss has increased by nearly 9%. However, in another separate report, the company only lost over 65 billion VND last year, a decrease of nearly half compared to the same period of the year before.
This loss resulted in a decrease of over 40% in the equity of CVS Holdings, to around 190 billion VND. Last year, the company recorded a total debt of over 400 billion VND, including issuing bonds worth 106 billion VND with a maturity of 3 years and a fixed interest rate of 10% per year.
![]()
VS Holdings is a subsidiary, with 99% of its capital held by Son Kim Retail (a part of the Son Kim Group). The company contributes 70% to GS Retail Vietnam Joint Venture Co., Ltd., which owns GS25 Co., Ltd. The group owns and operates a convenience store chain with the same name as the Korean model, which was launched in Vietnam in 2017.
GS25 launched its franchise model in November 2019. The initial goal is to reach 300 convenience stores by the end of 2022 and thousands by 2029. However, as of early April, the system had 209 stores in Ho Chi Minh City and neighboring provinces. It is half of the Cirkle K chain stores (423) but still higher than other chain stores such as FamilyMart (147) and Ministope (145).
![]()
At the end of last year, the International Finance Corporation (IFC) under the World Bank announced that it was invited to invest 460 billion VND ($20 million) in exchange for equity in GS25 Vietnam. The investment aims to expand the sales network of chain stores between 2022 and 2025.
Convenience stores are seen as a potential market in Vietnam due to their young population and rapid urbanization. According to data from market research firm Q&Me, as of August 2022, there are approximately 1000 convenience stores in Vietnam, with the market completely falling into the hands of foreign companies or joint ventures, such as Cirke K (United States), GS25 (South Korea Vietnam Joint Venture), Family Mart (Japan Thailand), Minitop, and 7-Eleven (Japan).
According to Euromonitor's data, from 2016 to 2021, sales in the entire market grew at a compound growth rate of over 19%. In 2021 alone, the sales volume of the entire market exceeded 8 trillion Vietnamese dong, mainly due to the contribution of foreign brands.
The latest report of CVS Holdings mentioned the above information. Compared to 2021, this loss has increased by nearly 9%. However, in another separate report, the company only lost over 65 billion VND last year, a decrease of nearly half compared to the same period of the year before.
This loss resulted in a decrease of over 40% in the equity of CVS Holdings, to around 190 billion VND. Last year, the company recorded a total debt of over 400 billion VND, including issuing bonds worth 106 billion VND with a maturity of 3 years and a fixed interest rate of 10% per year.
VS Holdings is a subsidiary, with 99% of its capital held by Son Kim Retail (a part of the Son Kim Group). The company contributes 70% to GS Retail Vietnam Joint Venture Co., Ltd., which owns GS25 Co., Ltd. The group owns and operates a convenience store chain with the same name as the Korean model, which was launched in Vietnam in 2017.GS25 launched its franchise model in November 2019. The initial goal is to reach 300 convenience stores by the end of 2022 and thousands by 2029. However, as of early April, the system had 209 stores in Ho Chi Minh City and neighboring provinces. It is half of the Cirkle K chain stores (423) but still higher than other chain stores such as FamilyMart (147) and Ministope (145).
At the end of last year, the International Finance Corporation (IFC) under the World Bank announced that it was invited to invest 460 billion VND ($20 million) in exchange for equity in GS25 Vietnam. The investment aims to expand the sales network of chain stores between 2022 and 2025.Convenience stores are seen as a potential market in Vietnam due to their young population and rapid urbanization. According to data from market research firm Q&Me, as of August 2022, there are approximately 1000 convenience stores in Vietnam, with the market completely falling into the hands of foreign companies or joint ventures, such as Cirke K (United States), GS25 (South Korea Vietnam Joint Venture), Family Mart (Japan Thailand), Minitop, and 7-Eleven (Japan).
According to Euromonitor's data, from 2016 to 2021, sales in the entire market grew at a compound growth rate of over 19%. In 2021 alone, the sales volume of the entire market exceeded 8 trillion Vietnamese dong, mainly due to the contribution of foreign brands.
