As reported by newswire Yonhap, GS25 made its debut in Vietnam in 2018 with the first outlet in Ho Chi Minh City. Since then, the GS25 chain has increased the number of convenience stores to 245 from 26 in 2018.

Based on its success in Vietnam, GS25 opened its first store in Mongolia in May 2021. The number of outlets in Mongolia surged to 273 from 34 in 2021.

The convenience store chain has recorded a growth in sales in both Vietnam and Mongolia, which is driven by K-foods such as tteokbokki (stir-fried rice cakes) and fried chicken, as well as coffee and spaces for eating in GS25 stores.

The expansion in the Vietnamese and Mongolian markets is part of its overseas expansion strategy. GS Group aims to raise the number of GS25 stores overseas from 1,000 in 2025 to 1,500 in 2027 based on robust demand in Asian countries, including Vietnam.

According to Mordor Intelligence, Vietnam's retail market size is estimated at $276.37 billion in 2024, and is expected to reach $488.08 billion by 2029, growing at a compound annual growth rate of 12.05 per cent.

Besides GS Retail, other South Korean retailers are expanding their presence in Vietnam. In December 2023, Emart opened its third hypermarket in Vietnam. Emart aims to operate seven stores in Vietnam by 2025, increasing its share in the Southeast Asian market.

Meanwhile, Lotte Mart is scaling up its operations in Vietnam, where it operates 16 stores. In September 2023, Lotte Group launched Lotte Mall West Lake Hanoi. With a total investment of $643 million, this is a key project for Lotte Group in Vietnam.