At the general meeting, a shareholder questioned whether Vincom Retail would change its name in the future. Would the “Vin” element be removed from the name?
In response to this question, Ms. Tran Mai Hoa, Vice Chairman of the Board of Directors of Vincom Retail, repeatedly mentioned the word “feelings”:
“In terms of feelings, the Vincom brand is the first shopping mall brand by Vietnamese people for Vietnamese customers.
Vincom Retail has also been associated with shopping malls and the people, especially the people of Hanoi, for 20 years now. This name is also a source of pride and represents the hard work and dedication that has gone into creating the shopping mall system we have today.
I am sharing this from the perspective of both a manager and a customer of Vincom Retail. I think that many customers of Vincom Retail share these feelings, feelings about a brand that has been around since Vincom Ba Trieu first opened 20 years ago, and this year also marks the 20th anniversary of Vincom Retail.
Over the past 20 years, we have experienced many ups and downs in the process of developing and operating shopping malls. There have been many difficulties. People may see the successes from the outside, but there have also been many difficulties and lessons learned in the process of our operations.
Will the Vincom brand retain the word “Vin”? This will be discussed and agreed upon by the Board of Directors and its members in the future, so if there are any changes, we will inform you accordingly, Ms. Mai Hoa said.
It is worth noting that Vingroup’s first and most significant mark in Vietnam was the three Vincom Tower buildings located on Ba Trieu Street in Hanoi. In the early 2000s, Hanoi did not have a shopping mall that could perfectly combine shopping with high-quality entertainment and dining services like Vincom Shopping Mall.
Not only that, but it also has an office area with many amenities. The combination of six floors below as a large shopping mall with a wide variety of goods, a dining and entertainment area, and 15 floors above as a high-class office area has brought maximum convenience to both the three towers’ blocks.
In addition, it is impossible to overlook the Megastar cinema complex (now CGV). It is considered the most modern cinema complex at the time with eight international standard multi-purpose screening rooms. The cinema complex has a synergistic effect and supports the shopping mall and office area, giving Vincom a solid competitive position in Hanoi that other buildings could not catch up to even a few years later.
Following the success of Vincom Tower Ba Trieu, Vingroup has expanded the model and developed new formats. After 20 years, the model has been expanded and developed with a total of 83 shopping malls nationwide and is expected to increase this number to 89 by the end of 2024.
Ms. Tran Mai Hoa
In addition to Ms. Mai Hoa’s response, Ms. Pham Thi Thu Hien, who had just returned to the CEO position the day before the General Meeting, said: “Vincom Retail has no intention of changing its name for the time being, because Vincom Retail is a brand with very high value to consumers“.
Ms. Pham Thi Thu Hien
Speaking about the new shareholders, Vincom Retail’s leadership said that although the new shareholders do not have experience in operating shopping malls, they do have experience in retail and have successful retail models. Retailers are an important factor in the success of shopping malls. Vincom Retail believes that the new shareholders can share their retail experience, as well as their management and operation experience.
Ha My
