Japanese retailer Aeon has announced plans to add a new mall and two supermarkets in Vietnam this year.
The Aeon Tan An Mall will be in Tay Ninh Province, while the supermarkets will be launched in HCMC and Hung Yen Province near Hanoi, according to a company announcement.
Tezuka Daisuke, CEO and chief representative of Aeon Vietnam, pointed to Vietnam’s economic growth as the reason for the expansion.
 |
|
Aeon Tan An Mall in Tay Ninh Province. Photo courtesy of Aeon Vietnam |
“Vietnam is the most dynamic market in the region, with stable economic growth exceeding 7% annually and potentially reaching 12% in future,” he said at a recent press conference.
He said the country is a priority global market for Aeon Group after only Japan.
Aeon Vietnam expects revenue growth of 30% this year driven by growing demand.
The company has invested over $1.5 billion in Vietnam.
While specific plans remain undisclosed, Aeon aims to triple its scale by 2030 by opening more shopping centers and supermarkets and increasing investment.
It is also advancing its strategy to promote Vietnamese products globally, with over 3,000 products already available in its Japan network.
Aeon Mall Vietnam, the arm that operates malls, reported revenues grew 13% to JPY17.3 billion (US$117,500) last year.
Vietnam is Aeon Mall’s largest market in Southeast Asia and second globally behind only China.
But though its China revenues are nearly four times as much, its profit in Vietnam is only 10.7% lower, underscoring the high profitability and appeal of the country’s retail market.
