Malaysia’s Lion Group, which has just opened the Parkson Department Store in HCM City’s downtown area, is also interested in the steel and real estate industries in Vietnam, CEO Alfred Cheng said.
Steel production is a major field of Lion and it is providing 5.5 million tonnes of steel a year, he said at the opening ceremony of the department store last Wednesday. The shopping plaza is the first of Parkson Vietnam, a member of the group. Retailing is the first step for Lion in Vietnam, he said.
“We are a leading steel maker in Malaysia, supplying a wide range of products,” he said.
He added Lion had invested in China, Singapore, Indonesia, the US, and Mexico to produce steel, motorcycles, tires, pulp and paper, as well as in realty and retailing. The group has about 100,000 employees and around US$4.7 billion in annual profit, he said.
Parkson Vietnam plans to set up 10 department stores in Vietnamese cities in the next two or three-years, and this requires US$70 million.
Cheng said he expected these plans to succeed as Parkson has succeeded in China, where it opened the first department store in 1994 in Beijing, and is operating 43 in all.