A Vingroup statement Tueday said the merger will involve three companies: VinCommerce (which owns VinMart supermarkets, VinMart+ convenience stores and e-commerce site Adayroi), VinEco (an agriculture unit of Vingroup), and Masan Consumer Corporation, a consumer goods producer of Masan Group.

Masan Group will operate the new company, which has not been named, in which Vingroup will be a shareholder, the statement said.

Vingroup will not hold the majority stake in the new company as it plans to focus on technology and industry, the conglomerate said in a letter to its employees Tuesday.

The new company will control over 2,600 supermarkets and convenience stores in 50 provinces as also 14 VinEco high-tech farms.

The two parties are carrying out legal procedures to sign an official contract on the merger, the statement said.

Established in November 2014, VinMart and VinMart+ are the largest retail chains in Vietnam with an annual growth of 80-100 percent.

VinCommerce has been expanding its chains by acquiring outlets from competitors, such as 23 Fivimart supermarkets last year and 87 Shop&Go convenience stores this year.

The retail unit had earlier targeted to have 302 VinMart supermarkets and 9,643 VinMart+ convenience stores by 2025 in all 63 localities.

Masan Consumer Corporation produces sauces, beverages, instant noodles and meat. Its revenue in the first nine months rose 5.7 percent year-on-year to VND12.59 trillion ($546.69 million).