Project Description


Vincom Retail Joint Stock Company (VRE), formerly known as Vincom Retail Limited Company, was established in 2012. The Company has its business in leasing retail trade centers and relevant services, investment, development and trading of real estate. VRE has been put into operation under the model of a joint stock company since 2013. By the end of 2018, VRE has managed, operated and leased 66 trading centers in 38 provinces and cities of Vietnam with a total retail floor area up to 1.5 million m2VRE has been listed and traded on Ho Chi Minh Stock Exchange (HOSE) since late 2017.


  • Trading retail trading centers for lease and relevant services;
  • Investing, developing and trading real estate;


  • Leasing trading centers: VRE is the developer, owner and operator of trading centers network with the largest scale and the highest growth rate in Vietnam. By the end of 2018, VRE has managed, operated and leased 66 trading centers in 38 provinces and cities of Vietnam with a total retail floor area up to 1.5 million m2.
  • Investing and developing real estate for sale: In addition to leasing sites in trading centers, VRE also develops shophouses around a number of Vincom Plaza, Vincom+ and offfice and apartment buildings for sales located in Vincom Centers.
  • Other leasing services: VRE manages and leases offices around Vincom trading centers, and other real estate types.


  • Developing new trading center projects in provinces and cities beyond the coverage of Vincom trading centers network;
  • Promoting the presence of famous international and domestic brands in trading centers to attract more people to visit and purchase goods in the trading centers;
  • Diversifying entertainment products and services to attract a wide range of customers at different ages and meet their demands;
  • Cooperating with Vingroup to establish and developing urban areas with mordern infrastructure interconnected with trading centers under the Company’s operation;
  • Executing mergers and acquisitions to expand its marketshare, distribution network and improve competitiveness against others;


  • The growth rate of retail real estate has a close relationship with the development of retail market in Vietnam. Vietnam is considered as one of the most dynamic and promising retail markets in the region and the world. Năm 2017, Vietnam’s global retail development index (GRDI) moves up five places compared with 2016, in which Vietnam is ranked at the fifth position in the global retail development index.
  • Vietnam has officially opened the retail market for foreign enterprises when becoming a member of the World Trade Organization in 2007. Vietnam Government has amended policies to create favorable condition for foreign retail enterprises to invest in Vietnam and loosen the foreign ownership limit since 2015. According to the report published by Ministry of Industry and Trade in 2017, foreign retail enterprises occupy 17,0% of retail marketshare in Vietnam supermarkets and trade centers. Vietnam Government’s moves and macroeconomic factors i.e. economic growth, population, per-capita income and changes in consumer behaviors and trends leads to positive impacts on retail markets, especially modern retail models in Vietnam.


  • In order to maintain the operation of trading centers at high standard level and achieve growth objectives, the Company has to invest a large amount of capital in construction and development of new trade centers and upgradation of existing ones. In addition to use of profit from its projects under operation for re-investment and expansion of nationawide trade center network, the Company mobilizes capital from other sources, including: (1) capital mobilization through international and/or domestic loan market ; (2) issuance of international and/or domestic bonds; (3) issuance of shares, based on the conditions of financial market at the time of capital mobilization. As a result, its capital mobilization will dramatically affect the progress of trade center projects and business performance in coming years.
  • There is an increasing competition in retail site leasing market due to entrance of new trade centers. Such competition decreases the ocupation rate and the number of customers to visit and purchase goods, which leads to decline in its revenue and lessees’ payment capacity. To maintain its position, the Company has to reduce its retal unit cost or invest more capital to enhance quality of trade centers to attract more customers. Profit and value of its trade centers depend mainly on its competition against other trade centers in the region.
  • The rapid development of technologies has changed transaction methods. As E-commerce becomes more and more popular, there is a tendency for customers to view, select and purchase goods online instead of traditional shops, even trade centers.