The company said in a statement that it will seek permission from shareholders to sell the mall, one of Parkson Retail's last four malls in Vietnam, to a local company for $10 million.

The 23,000 square meter mall located in the commercial and residential building TD Plaza in Ngo Quyen District is set to be purchased by the owner of the building, Thuy Duong Construction and Trading Jsc.

Thuy Duong was established in 2007 and has interests in real estate trading and construction of residential buildings.

Parkson Retail Asia said that the agreed price is around $500,000 lower than the mall’s value. It added that the deal will help strengthen its cash flow and reduce liabilities.

After the sale goes through, the Singapore-based company will only operate three malls in Vietnam, two in Ho Chi Minh City and another in Da Nang City.

Parkson Retail Asia entered Vietnam in 2005 and opened nine malls in the country over the next nine years. But since 2015 it had closed down three outlets in HCMC and two in Hanoi after failing to turn a profit.

In Vietnam, the company reported a loss of SGD11.69 million ($8.5 million) in the first three quarters of the 2020 financial year. The loss was the biggest among all its markets reporting losses, including Indonesia, Malaysia and Cambodia.