CapitaLand is planning to expand its presence in Vietnam, including investing in a potential Raffles City in Ho Chi Minh City. CapitaLand president and group CEO Lim Ming Yan reaffirmed the group’s interest in further investments, particularly in Hanoi and Ho Chi Minh City, during his meetings with Vietnamese Prime Minister Nguyen Xuan Phuc and Planning and Investment Minister Nguyen Chi Dung.

The company says it already has $2.1 billion worth of gross assets under management in the country, including 22 serviced residences, nine residential developments and a prime commercial property. CapitaLand has been operating in Vietnam since 1994. Vietnam is the group’s third-largest market in Southeast Asia after Singapore and Malaysia.