Emart, the largest retailer in South Korea, has announced plans to open the first supermarket in Ho Chi Minh City this year with an investment of US$60 million.
Representatives of the chain said at a conference on Tuesday it is going to build the 30,000 square-meter retail complex on its own, instead of partnering with a local company as previously planned.
The development is located on Phan Van Tri Street in Go Vap, a northern district of the city that is considered an emerging urban area.
Choi Kwang Ho, general director of Emart Vietnam, said it has been planning for the project for more than four years. Ho did not reveal the reason why the company chose not to move on with the partnership.
He said the new retail complex will mostly sell products made in Vietnam, and it will include restaurants and entertainment facilities.
Emart also planned for a second store in Tan Phu District, before reaching out to other cities and provinces.
Lotte Mart, another South Korean retail giant, is managing ten shopping outlets across Vietnam.