Malaysian retailer Parkson Group has closed its department store in Ho Chi Minh City after five years of operation. The department store, Parkson Paragon, was a 7,500 sq m space in a multi-functional complex with offices, an entertainment facility and a conference centre. Parkson was brought in to manage the shopping space in 2011 by the previous owner Kim Cuong Joint Stock Company due to its poor performance. The company invested $5m then and signed on as the operator for 19 years.

In January 2015, Parkson closed another department store in the Southern Vietnam city of Hanoi due to consecutive losses in its three years of operation. Parkson had been facing fierce competition in Vietnam from rivals such as Trang Tien Plaza, Lotte Department Store and VinMart. Parkson currently operates nine shopping malls and department stores in the country including six in Ho Chi Minh City and two in Hanoi.