Malaysia interested in HCMC's retail market

July 27, 2011 | 15:27

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Malaysia will join Ho Chi Minh City’s retail market in the coming time with the opening of hypermarkets which will 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 aimed to seek cooperation opportunities for Malaysian investors, especially retailers.

At present, Malaysia ’s WCT Group is implementing the $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 $200 million.

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

According to the city's mayor, Malaysia is one of the city’s leading trade and investment partners. In late 2010, Malaysia was named in the list of the top three largest investors in the city with $6 billion.

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

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