Vincom Retail to expand business this year, masively

Vincom Retail plans to open 30 more shopping centres in Vietnam this year, increasing its mall network to 200 by 2021.

To fund the plan, the retail subsidiary of Vingroup will raise US$500 million.

The first of the new malls to open will be Vincom Center Landmark 81 and Vincom Center Lieu Giai in Hanoi.

Other malls will be launched around Vietnam under Vincom Plaza and Vincom + formats.

Vincom Retail launched an IPO last October. Its total revenue last year was VND4455 billion (US$195 billion), up 17 per cent year-on-year.

It currently operates 51 shopping malls across Vietnam.