British retailer Marks & Spencer has unveiled plans to enter the Vietnamese market. — Photo Theguardian

HCM CITY (Biz Hub) — British retailer Marks & Spencer has unveiled plans to enter the Vietnamese market, but merely, telling Biz Hub it will open a flagship store in HMC City in August or September.

The new store will be operated by long-term franchise partner Centre Group, one of the largest retail conglomerates in the region.

The 1,200sq.m store will open at Vincom Centre Dong Khoi.

Bruce Findlay, regional director for Asia at Marks & Spencer, said, "Growing our business with leading franchise partners like Centre Group is an important part of our international growth strategy."

The group was an ideal partner with whom to open new stores across the country, he added.

Tos Chirativat, chairman and CEO of Central Group, said: "With 90 million residents, over 60 per cent of whom have a high purchasing power, Viet Nam is an exciting market with a high potential for growth and is an excellent destination for investors in the retail sector.

"Viet Nam's capital city and surrounding areas are showing signs of healthy and consistent growth, while average incomes appear to be on the rise as well.

"Additionally, the influx of foreign investors into Viet Nam … is driving the strong growth of the Vietnamese economy, leading to a positive spending pattern among target consumers over the past couple of years."

The two companies plan to open 20 stores in the country by 2020. — VNS