Parkson Corp, a subsidiary of Malaysian Lion Diversified Holdings, has received the Vietnamese government’s in-principle approval to enter the local retail market, which is normally off-limits to foreign distributors. Parkson’s application for an investment licence is now awaiting approval from the Ministry of Planning and Investment. A government notice issued last week asked that the licence require Parkson to support the export of domestic products and seriously invest in the local fashion design industry. The retailer applied for a licence to set up a 100 per cent foreign-owned enterprise with initial investment capital of $15 million. The company aims to design, produce and distribute garment products throughout Vietnam, with its first centre to be located in Ho Chi Minh City.Parkson stated the centre would sell locally-made garments and only import products that were not produced in Vietnam. In addition, foreign products will not exceed 5 per cent of the total value of commodities in the centre. Chief executive officer of Parkson, Toh Peng Koon, was quoted by Star newspaper as saying the company expected to obtain an operating retail licence and open its first outlet by the end of the year. Toh said the company hopes to operate up to… Read full this story
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