Takashimaya, a popular luxury department store chain in Japan, is set to launch its first outlet in Vietnam this month, local media reported on Tuesday.
The 185-year-old operator has invested $25 million in the five-floor store, which is located at Saigon Centre building in downtown Ho Chi Minh City, according to news website Saigon Times Online.
With 19 stores around Japan and another three in Singapore, Shanghai and Taipei, Takashimaya has been expanding its businesses in Asia, it said. Its first store in Thailand is expected to be opened in Bangkok next year.
In a report published last month, news website Nikkei Asian Review said the retailer's net profit in March-May declined by 44 percent year-on-year to 3.5 billion yen ($34.1 million).
The company forecasts its net profit to grow 1 percent to 24 billion yen ($235.65 million) this year, the website reported.