Swedish home furnishings giant IKEA plans to build a retail center and warehouse system in Hanoi with an investment of US$450 million, revealed Nguyen Duc Chung, chairman of the Hanoi People’s Committee.
Once completed, the center would be IKEA’s main supply hub for its Southeast Asian market, Chung said at a conference held by the Ministry of Industry and Trade on January 17.
At present, all parties involved are under the process of negotiation, he added.
In 2017, Torbjorn Loof, chairman and CEO of Inter IKEA holdings, in an interview with Bloomberg announced the company’s vision to expand its operation in Southeast Asia.
Loof said that over the next five years, the company plans to add stores in Vietnam and the Philippines to its already existing locations in Singapore, Malaysia and Thailand.
Founded in 1943, IKEA is the world’s largest furniture retailer, known for its ready-to-assemble furniture, kitchen appliances and home accessories.
The Swedish company currently has 400 stores in 49 countries all over the world.