Saigon Co.op said Saturday it planned to open 10 new supermarkets in Vietnam this year while also expanding its business to Cambodia.

General Director Nguyen Thi Hanh said the new supermarkets, which would cost a total VND500 billion to build, would increase the total number of Saigon Co.op outlets nationwide to 52.

The Ho Chi Minh City-based retailer also plans to open its first overseas supermarket in Cambodia, aiming to bring more Vietnamese products to the neighboring market.

Saigon Co.op also announced Saturday that construction on its $300-million shopping center in District 7 will begin this year. The project, with a total area of 70,000 square meters, is scheduled for completion after two years.

The company posted revenue of VND8.5 trillion last year, up 34.9 percent from 2008. The retailer is targeting a 34 percent increase in revenue this year.