Aeon Mall Vietnam, a subsidiary of the Japanese retail giant Aeon Mall, has officially commenced construction on its largest mall in Vietnam, the Aeon Mall Thanh Hoa, with an investment of VND 4,157 billion (USD 163.8 million). The groundbreaking ceremony took place on December 9, 2024, in Thanh Hoa province, marking a significant milestone for the company. Spanning 10.5 hectares with a total floor area of 12 hectares, the mall is expected to become operational in the latter half of 2026.
This project follows a memorandum of understanding signed between Aeon and Thanh Hoa authorities in November 2021, highlighting the long-term commitment to enhancing retail infrastructure in the region. Daisuke Isobe, director and general manager of Aeon Mall’s overseas business division, emphasized Thanh Hoa’s strategic advantages, noting its status as Vietnam’s third-largest population center and its well-developed infrastructure, which includes a deep-water seaport, airport, and expressways.
Currently, Aeon operates seven outlets across Vietnam, including two each in Hanoi and Ho Chi Minh City and one each in Binh Duong, Hai Phong, and Thua Thien Hue. The company is also expanding its footprint with two additional malls planned for Quang Ninh and Long An provinces. In its financial review for the first half of fiscal year 2024 (March-August), Aeon reported an operating income of JPY 2,414 million (USD 16.2 million) in Vietnam, reflecting a 21.2% increase year-on-year on operating revenues of JPY 8,192 million (USD 54.9 million), up 14.5%. This growth signifies Aeon’s successful strategy in tapping into Vietnam’s burgeoning retail market.
(Source: The Investor)