Parkson Corp Sdn Bhd, a leading shopping mall operator in Malaysia has received the green light from the government to enter the local retail market.
Deputy prime minister Vu Khoan has approved in principle a proposal to set up Parkson Vietnam Co Ltd to operate a chain department stone, said a source from the government Office.
The Ministry of Planning and Investment passed the project to the government in late September after the Malaysian company proposed in June setting up a US$15 million foreign–owned venture.
If an investment license for Parkson Vietnam is forthcoming, the venture will initially establish three fashion shopping centers–two in HCM City and one in Hanoi. In the first two years, it is expected to invest US$15 million in them.
A HCM City Service of Planning and Investment source earlier said Parkson had 35 fashion centres and retail stores in Malaysia, and 40 in China, with annual revenue reaching US$1.32 billion.