Parkson Retail Asia to sell another Vietnam asset for $10mln

Parkson Hai Phong, a wholly-owned subsidiary of Parkson Corporation, agreed to transfer the asset to Thuy Duong Construction an& Trading JSC.

Parkson Hai Phong was incorporated in Vietnam in December 2006, and is a wholly-owned subsidiary of Parkson Corporation, which in turn is a wholly-owned subsidiary of the Company.

The retail podium an area of approximately 23,000 square meters in Parkson TD Plaza Shopping Center is located at Nga Nam New Urban Area, Cat Bi Airport, Dong Khe Ward, Ngo Quyen District, Hai Phong City.

After the transaction, Parkson will continue its business of operating and managing stores in Ho Chi Minh City and will cease to operate any Parkson brand department store in Hai Phong.

The mall operator from Malaysia had to close several commercial centers in Vietnam after years of unprofitable business.

Parkson used to have 10 shopping centers in Vietnam, but it gradually closed stores in the country,

Before selling Parkson TD Plaza in Hai Phong, Parkson closed five shopping malls including Parkson Keangnam in January 2015, Parkson Paragon in May 2016, Parkson Viet Tower in December 2016, and Parkson Flemington in December 2018 and Parkson Cantavil October 2018.

Parkson will operate its only commercial center in Le Thanh Ton, District 1, Ho Chi Minh City. Parkson Saigon Tourist Plaza is also the first commercial center of Parkson when it made a debut in the Southeast Asian country.

However, Parkson Le Thanh Ton has been leased to Uniqlo, a Japanese fashion retailer. Muji, another Japanese retail brand, also opened a store there.