The company aims to be the largest hardware retail chain in Vietnam with 20-40 outlets within the next 10 years, a representative of the company said.

The company enters Vietnam as rising urban incomes see increasing demand for furniture and household items, the representative added.

Before Vietnam, Ace Hardware entered several other Asian markets like Indonesia, the Philippines and South Korea.

The Illinois-based company, established in 1931, has over 5,200 outlets in almost 70 markets.

According to the Ministry of Industry and Trade, on average, 1-3 retail stores are needed per 1,000 people. However, only 7,012 stores are considered modern retail stores in Vietnam. 

The country’s revenue from selling goods last year rose by 11.7 percent from 2017 to $142 billion, up 12.4 percent from 2017.