Local electronics retailer WonderBuy has declared bankruptcy after only one year of operations, citing a loss of VND52 billion as the primary reason.
Phan Thanh Ha, general director of Hop Nhat Company, the owner of the retail store, told news website VnExpress that its debt has mounted to VND11.54 billion, including two months rent and unpaid electricity bills.
Although a notice outside the store only mentioned a temporary shutdown of 10 days, WonderBuy has already issued a bankruptcy statement on its website, VnExpress reported.
The retailer filed for bankruptcy on May 24, the first major electronics store in Ho Chi Minh City to do so.
The store, located in District 1, opened in June last month, selling more than 70,000 products.
Vietnam's retail sales grew at their slowest pace in May as consumers cut back on spending amid rising inflation.
Retail sales only reached VND156 trillion in May, up 0.68 percent from April, which was the smallest monthly increase in 2011, official statistics showed.