Vincom Retail sets conservative business targets

The mall developer and subsidiary of conglomerate Vingroup eyes revenues of VND9 trillion, up 8 percent from last year but marginally below the 2019 figure.

It has set these conservative targets after a challenging 2020 caused revenues from leasing fall by 14 percent as social distancing kept people away from malls.

This year, it plans to focus on developing mega malls at Vinhomes’ urban complexes. Its Vincom Mega Mall Smart City in Hanoi is set to open in the third quarter.

It also plans to open two Vincom Plaza malls in the southern localities of My Tho and Bac Lieu.

Vincom Retail currently operates 80 malls.