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Two Vietnam malls get green light

Cotec Construction Joint Stock Company (Coteccons) is to construct two shopping centres in Vietnam.

The Vietnamese construction company has won the bid to construct SC VivoCity in Ho Chi Minh City’s District 7 and Aeon Canary Shopping Centre in Binh Duong Province.

Coteccons offered the lowest bid worth 1.3 trillion dong (US$62.4 million) to construct the two centres.

The SC VivoCity is a US$360 million investment by Saigon Co.op Investment Development Joint Stock Company (SCID) and Singapore’s Mapletree Co Ltd. The 110,000 sqm Vivo City mall is expected to be completed in 16 months.

Coteccons has also been chosen by Japanese retail group Aeon to build its shopping centre in Thuan An District in Binh Duong Province.

That centre, Aeon Canary Shopping Centre, will span 70,000 sqm with construction to be completed in seven months.

Aeon is said to have invested US$95 million in the project.

Ho Chi Minh City’s total retail space supply is projected to double in the coming years from the current around 796,000 sqm.

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