Lion Diversified Holdings Bhd’s retail unit, Parkson Corp Sdn Bhd, has received a licence from the Vietnam government to incorporate Parkson Vietnam Co Ltd.
The company said in a statement that Parkson Vietnam would have a registered investment capital of RM26.6mil, with a legal capital of RM17.1mil.
The 50-year licence would entitle Parkson Vietnam to a corporate tax exemption for two-years from the commencement of taxable income, and a 50% tax cut in the following three-years, it said.
Parkson Vietnam had proposed to set up its first department store in Ho Chi Minh, it added.
“With the incorporation of Parkson Vietnam, Parkson’s position as a regional retail player with operations in Malaysia, China and now Vietnam will be further enhanced,” Lion Diversified said.
“It will also serve as a stepping platform for Parkson’s future expansion into other markets in the Indochina region,” it added.