Vung Tau attracts infrastructure retailers

The infrastructure developers are eying retail markets in Vung Tau City with focus on developing large supermarket and trade centre projects.

Recently, Thinh Vuong Investment Joint Stock Co began construction on Lam Son Square trade centre sited in the uptown area of Vung Tau City.

The project has investment capital of hundreds of billion dong, to be built in an area of 5,000 square metres. The construction works are expected to be completed in Q4 of 2011. There will be over 21,200 square metres of total area to be developed as the large trade centre in the city.

Other investors, apart from providing more apartments for the real estate markets, also showed their interest in setting up shopping centres. Some specialists stated that the city’s market for retail space would thrive in the near future.

For example, the investor of Bau Sen high-rise building project will spend the first three floors with total area of over 15,000 square metres for a trade centre. In Vung Tau Plaza project, the first three storeys with total area of 8,000 square metres would be used as high-class trade centre, and the first two floors in Son Thinh Tower with expected area of about 5,000 square metres for trading zones.

Huynh Trung Tan, chair of management board in Thinh Vuong Investment Joint Stock Co said that with the city’s GDP per capita at highest level and popular tourism destinations, Vung Tau City was the potential destinations for retailers to conduct their business operation there. The city has become more and more attractive to the retailers.

Before 2006, there were no high-class retail supermarkets and shopping centres in the City. Till early 2007, Imperial Plaza was the first high-class shopping centre with total area of 7,500 square metres to be put into operation. At the beginning of 2008, Co.op Mart officially opened its super market with total area of over 10,000 square metres located in the first floor of Hodeco Plaza.

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Tags: Vietnam Infrastructure, Vietnam retail market