V+ centre offers free space to local retailers who sell Vietnamese products.— Photo vneconomy.vn

HA NOI (Biz Hub) — Domestic businesses will be able to use permanent rent-free stalls at the V+ Shopping Mall and Supermarket in Viet Nam, which will officially open on January 31.

The V+ centre, located in the south of the city, will span 25,000 square metres on the No 505 Minh Khai Street, and in an unprecedented move, offer rent-free space to local retailers who want to sell Vietnamese products. Retailers selling imported products will not be allowed to trade in the centre.

The centre is part of the Hoa Binh Green City resident zone, which has received investment from the Hoa Binh Group. Group Chairman Nguyen Huu Duong said V+ will act as a community marketplace that offers good quality, conventional and organic groceries and fresh produce from Viet Nam at prices that are lower than those charged by other big shopping malls and supermarkets.

The marketplace aims to promote domestic goods and support Vietnamese producers, farmers and family businesses. Duong said he had rejected the idea of selling the marketplace to a big supermarket chain in the city as that would not have allowed him to stick to his pre-conditions imposed on retailers doing business in the marketplace.

As per the marketplace's requirements, enterprises have to sell products made in Viet Nam and limit sales profits to below 15 per cent, Duong pointed out.

He added that customers can buy products at a price that is 30 to 50 per cent lower than other places because the local traders will not account rent costs into their products.

Enterprises that are successful in trading at the centre only need to pay management, electricity and water fees.

However, the chairman revealed that even though the rent-free offer for retailers was announced for several months, the group could only draw 20 per cent occupation because many registered retailers failed to meet its pre-requisites. Therefore, other eligible traders still stand a chance of being allowed to trade at the V+ centre. — VNS