GR Vietnam Holdings Ltd. will own the exclusive rights to the Circle K brand in Vietnam for 25 years, the local company said in a Hong Kong stock exchange statement Saturday.

Financial details of the deal were not disclosed.

Couche-Tard and other overseas retailers are targeting Vietnam as economic growth, which reached 8.5 percent last year, fuels increased consumer spending.

The Toronto-listed company operates or has licensed at least 9,200 convenience stores worldwide, including 6,600 Circle K outlets, according to the statement.

GR Vietnam gained 18 percent in Hong Kong trading to close at 35.5 Hong Kong cents before the announcement Saturday.

The stock has surged 29 percent since April 23, compared with a 3.8 percent increase for Hong Kong's benchmark Hang Seng Index.

Source: Bloomberg