Retail giant Wal-Mart Stores Inc is setting up an Asian headquarters in Hong Kong to manage its operations in the region.

President and chief executive officer for Wal-Mart Asia, Mr Vicente Trius, said the Hong Kong regional headquarters will have strategic responsibilities for managing the company's current operations in Asia and for business development.

"The new Wal-Mart office in Hong Kong will oversee the company's operations in mainland China, India and Japan, as well as identify new business opportunities for the company throughout Asia," he said.