Vincom Retail, which owns and leases-out a range of commercial spaces around Vietnam,  intends to open six new shopping malls in 2024. This includes in Ho Chi Minh City, Ha Giang, Dien Bien Phu, Bac Giang, Quang Tri, and Hung Yen.

Formerly a subsidiary of Vietnam’s biggest conglomerate Vingroup, Vincom Retail, which trades under the ticker VRE, was partially sold this year with Vingroup relinquishing its controlling stake. On April 5, Vingroup announced that it had transferred  55 percent of its shares to several domestic buyers with the rest to be transferred over the next  six months. 

Before the sale, on April 1, Vincom Retail was trading at VND 25,700. It has since fallen closing at VND 20,250 yesterday. Of note, as of June 20, foreign traders held 25.74 percent of the company’s shares with the company sporting a foreign ownership cap of 49 percent. 

Vincom Retail’s new malls align with a positive outlook for Vietnam retail space rentals. According to a CBRE market report released in May, in the first quarter of 2024, rental prices showed a steady increase per square meter, for ground/first floor spaces in non-CBD areas  in Hanoi and Ho Chi Minh City, from US$30 and US$51 to US$30.6 and US$53.3, respectively.

These new shopping centers in prime locations should increase supply significantly which may also present an opportunity for foreign retailers to enter the Vietnam market. 

See also: How to Open a Retail Store in Vietnam: Ultimate Guide 2024