Earlier in the year, Dai Quang Minh Corporation, acting as the project's investor, received approval to develop a commercial and shopping center on a 2.4-hectare land plot in the central area of the Tay Ho Tay urban zone.

While the details of the transaction remain undisclosed, the project carries an investment certificate value of approximately VND554 billion.

This latest venture is a part of Thaco's broader strategy to expand its Emart chain to 10 outlets across the country by 2025, targeting an ambitious revenue goal of $1 billion by 2026. The Tay Ho Tay Emart is poised to be a crucial milestone in this expansion plan.

THACO's move comes amid a growing trend of retail development in the area. Another prominent developer, Takashimaya, has secured a land parcel in the Tay Ho Tay urban zone with plans for development slated between 2025 and 2027.

In a similar vein, the South Korean conglomerate Lotte Group recently launched the Lotte Mall West Lake Hanoi, a substantial 354,000 square metre multipurpose commercial complex, enhancing the retail landscape of the region.

THACO's foray into the retail market is marked by the recent inauguration of the Thiso Mall Truong Chinh - Phan Huy Ich in Ho Chi Minh City, which spans over 10,500sq.m. This mall represents the third Emart outlet under THACO's franchise in Vietnam.

A THACO representative expressed confidence in the company's retail strategy, "The expansion into the retail sector aligns with our growth plans. The aim to inaugurate 20 large supermarkets in less than four years and achieve a revenue of $1 billion is ambitious, yet within our reach."

THACO's aggressive retail expansion is set against a backdrop of intense competition from established players like AEON, Go (formerly BigC), and Winmart.