Vietnam’s Vingroup Plans Mall Expansion

Vietnamese conglomerate Vingroup says it will launch about 24 shopping centers across the country this year to capitalize on the growing spending power of middle class consumers.

The company currently operates six shopping centers in three cities, and its subsidiary Vincom Retail plans to expand into 19 provinces and cities, covering roughly a third of the country, reports Women’s Wear Daily.

Vietnam has a population of 90 million and the size of its middle class is expected to double by 2020, accounting for an annual economic growth of more than 5 percent since 2000, according to WWD.