Malaysia interested in HCM City’s retail market

Malaysia will soon enter Ho Chi Minh City’s retail market with the opening of hypermarkets to be joined by almost all leading retailers of this country.

The information was released by Malaysian Minister of Domestic Trade, Cooperatives and Consumerism Dato’ Sri Ismail Sabri bin Yaakob at a meeting with Chairman of the Ho Chi Minh City People’s Committee Le Hoang Quan on July 26. 

Sabri bin Yaakob highly valued the rapid development and great potential of Ho Chi Minh City, saying that his visit will open up cooperation opportunities for Malaysian investors, especially retailers. 

At present, Malaysia’s WCT Group is implementing the US$600 million shopping mall project Platinum Plaza. Covering an area of 9 ha in Binh Hung commune, Binh Chanh district, the complex will include a trade centre, entertainment and residential areas. 

WCT also plans to join a Vietnamese partner in another complex of trade centre and residential areas with a total investment of US$200 million. 

The Malaysian minister expressed his wish that Ho Chi Minh City would create favourable conditions for the implementation of these projects. 

According to the HCM City mayor, Malaysia is one of the city’s leading trade and investment partners. In late 2010, Malaysia was listed among the top three largest investors in HCM City with its capitalization of US$6 billion. 

There are many cooperation opportunities between HCM City and Malaysia’s localities and businesses, especially in import-export, trade, investment and tourism, Quan said. 

He affirmed that the city is ready to create conditions and solve difficulties for Malaysian investors.