SM Prime Holdings of tycoon Henry Sy is now reportedly shopping around for a site in Vietnam where it could develop businesses integrally similar to its practice here.

Ambassador to Hanoi Laura del Rosario told the BusinessMirror that officials of the SM Group have already communicated with her on their Vietnam plans, which include the construction of shopping malls, residential condominiums and office buildings. 

“This is timely since Vietnam now lacks these kinds of developments, especially office spaces, with its fast pace of development,�? she said. Vietnam is the world’s third-fastest growing economy with an average GDP growth of 7.5 percent in the last 10 years.

“They started looking at it [site],�? del Rosario said after speaking at the farewell dinner for the 1st Philippine-Vietnam Business Mission at the New World Hotel Saigon in Ho Chi Minh City over the weekend. Purified water distributor and franchisor Solerex Water Technologies Inc. also has business plans for a Vietnam entry—at this point, eyeing at least two outlets within the year.

Jose Antonio Soler, president of Solerex, said they will also follow its model in the Philippines of selling franchises—most of its 200 stores for their brand of Crystal Clear are franchisees.

“It’s very interesting to be here [Vietnam] now,�? Soler told the BusinessMirror during the mission.

Willy Arcilla, president of mission initiator ZMG Signium, said they are now scheduling a second mission to Vietnam probably in early October in response to the clamor of Filipino businessmen who failed to join the trip last week.

Arcilla said over 20 businessmen have already signed up for the next mission.