Vietnam mall developer Vingroup is opening more malls to increase its competitiveness with Korean rival Lotte Group.
It will open a seven-storey mall in Ha Long Bay next year as well as in cities including Can Tho, Da Nang, Hai Phong and Binh Duong in the next few years.
“Vietnam’s consumer market has so much potential. It always makes sense to be the first big mall in any big city,” said CEO Le Thi Thu Thuy.
Last May private equity firm Warburg Pincus invested US$200 million into Vingroup to fund an accelerated rollout of its planned shopping mall developments.
Vingroup is optimistic about the domestic market at a time when its middle class is growing. Per capita income in Vietnam is expected to reach US$2174 next year, up from US$1182 in 2002, according to the International Monetary Fund.
The company expects its malls revenue to grow to US$75 million this year from US$58 million in 2012.
 by Inside Retail Asia