South Korean retail group E-Mart is to build its first hypermarket in Hanoi’s StarLake urban area.
According to StarLake, E-Mart and THT Development have signed an agreement to transfer two commercial land lots within StarLake Project, for an area of 1.86 million sqm in Hanoi’s Tay Ho (West Lake) district.
In late 2015, E-Mart opened first location in Vietnam, on a 3ha site in Go Vap district, in Ho Chi Minh City, investing up to US$60 million.
After exiting China, E-Mart plans to open 50 stores in Vietnam during the next five years.
Another South Korean retail and entertainment group CJ has also deposited an agreement with THT for two land lots at StarLake Project.
CJ plans to open CGV cinemas, a Tous les Jours bakery, and FMCG businesses there.