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Vietnam is under regional and bilateral commitment to open up its retail market to foreign businesses. Malaysia-based Parkson Corporation has been lobbying hard for a license to operate a retail chain in Vietnam, local sources reported.
Parson wants to set up a 100 percent foreign owned company with investment capital of U$15 million for three outlets, and then invest another $70 million for 10 more outlets.
A local newspaper said Parkson may rent the entire Saigontourist Trading Center in the heart of downtown Ho Chi Minh City as its first outlet, where Parkson said it would sell most domestic products.
In a related matter, Hongkong based Dairy Farm has also applied for license from the Ministry of Planning and Investment.
It wants to set up a 100 percent foreign owned company to sell a wide range of consumer products.
Vietnam so far has allowed one 100 percent foreign company in the retail market, French company Espace Bourbon, which is operating Big C supermarkets on a trial basis.
Vietnam Economic review - (28/09/2004)
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