Japan’s biggest retailer Aeon eyes 100 large-scale stores in Vietnam by 2030

The company also aims to set up more “super-supermarkets,” which combine groceries with general merchandise features such as food courts and beauty sections, Nikkei Asia reported.

“To compete with companies like [Thai retailer] Central, we need to aim for 100 general merchandise stores and super-supermarkets by around 2030,” said Yasuyuki Furusawa, who led the retailer’s Vietnam operations until he recently became Aeon Retail’s president.

The firm also plans to expand its network of smaller-scale shops, such as grocery stores, to 200 outlets across the country.

As of February, Aeon operated 12 general merchandise stores in Vietnam, three of which were super-supermarkets, and 36 regular supermarkets, including Citimart stores run by its subsidiary.

Furusawa said in September last year that Vietnam is considered Aeon’s second most important market behind Japan, adding that the firm had invested US$1.5 billion into the country over the last decade.

Last year, Aeon Mall posted a profit of JPY4.23 billion (US$29.6 million) from its Vietnamese operations on revenues of JPY17.3 billion, making the country its top-performing market in Southeast Asia and its second largest worldwide after China.

Its profit in Vietnam was only 10.7% less than in China despite revenues being just a quarter.

With retail sales rising by 8% to VND4.92 quadrillion last year, Vietnam has been drawing interest from Japanese firms.

A survey by the Japan External Trade Organization (Jetro) found that over 60% of Japanese businesses in Vietnam were profitable in 2024, the highest rate in five years. About 56% of them said they plan to expand operations within the next one to two years.

“This is the highest rate in ASEAN, indicating that Vietnam has one of the strongest potential for growth,” said Ozasa Haruhiko, chief representative of Jetro Hanoi.