E-Mart Co., South Korea's largest discount chain, has signed a memorandum of understanding with HCM City to invest US$200 million in the city, according to a report.
Shoppers at E-Mart store in Go Vap District. - Photo businesskorea.co.kr

The Korean retailer will build giant stores, supermarkets and various other types of commercial facilities in Viet Nam's commercial hub.

Korean newswire Yonhap said the signing ceremony in Seoul on September 9 was attended by key officials from both sides, including E-Mart CEO Lee Gap-su and HCM City Party Committee secretary Dinh La Thang.

The company also plans to expand imports of non-food items like clothes and toys and food products like fruits and fisheries.

E-Mart opened its first Vietnamese outlet in HCM City's Go Vap District last December.

"We expect to increase our investment in HCM City, Viet Nam's economic centre, in various forms through this MOU," Kim Seong-young, who heads new businesses at E-Mart, said.

"HCM City will be the base in our efforts to enlarge the Vietnamese market."

VIR