Giant Vietnamese real estate developer Vingroup will open 25 new shopping malls across the country this year, along with a decision to increase investment in a megaproject.

The new trade centers will be developed under Vingroup’s flagship brands, Vincom and Vincom Mega Mall, the Ha Noi-based realty developer told the media.

The new facilities will have an occupancy rate of 70%, with Vingroup’s strategic partners and affiliates such as BHD, CGV, Golden Gate, Highlands Coffee, Vinmart, Vinpro, VinKE, Vinpearl Land, and Emigo committed to renting stores there.

An artist's impression of the Vincom Mega Mall Thao Dien in Ho Chi Minh City

The Vincom and Vincom Mega Mall chains are developed and operated by Vingroup’s retail unit, Vincom Retail. The company boasts a 90 % occupancy rate at its existing malls.

Vingroup currently has five Vincom malls – two each in Ha Noi and Ho Chi Minh City and one in Quang Ninh Province – and two Vincom Mega Mall venues, both in the capital city, according to Vincom Retail’s website.

The new shopping malls will be built in 19 provinces and cities.  But the cost of this expansion has not been disclosed.

Vingroup also announced on Tuesday that it will increase the total capital for the Vincom Mega Mall Thao Dien in District 2, Ho Chi Minh City by VND1 trillion (46.6 million USD).

The 3.5 trillion VND (163.11 million USD) mega-shopping mall will thus become the largest of its kind in the eastern area of the southern metropolis.