Japanese retailer Aeon has announced plans to invest USD 35 million in constructing a new shopping mall in Phu Ly town, located in Vietnam’s northern Ha Nam province. This investment was formalized through a memorandum of understanding (MOU) signed between Ha Nam authorities, Aeon Vietnam, and local company Tuan Kiet Ha Nam Trading and Service JSC.
During the signing ceremony, Ha Nam Chairman Truong Quoc Huy emphasized the province’s strategic advantages, including high local shopping demand and the prime location of Phu Ly town. Additionally, he highlighted the province’s growing tourism industry, citing the upcoming recreational park being developed by the Sun Group, set to open in 2025, as another key asset for the project.
Aeon Vietnam’s General Director, Furusawa Yasuyaki, stated that the province’s rapid economic growth and favorable location have made it an attractive destination for Japanese investors, making Aeon’s investment in the area a natural step.
To date, Aeon operates seven stores across Vietnam, including two each in Hanoi and Ho Chi Minh City, and one in Binh Duong, Hai Phong, and Thua Thien Hue. The most recent store opened in Thua Thien Hue.
Aeon typically partners with local businesses to implement its mall projects, such as its ongoing collaboration with Tuan Kiet HD in Hai Duong province to build a 3.6-hectare mall with a USD 50 million investment. According to Aeon’s first-half fiscal review for 2024, the company achieved a 21.2% year-on-year increase in operating income in Vietnam, reaching USD 16.2 million, with operating revenues totaling USD 54.9 million, up 14.5% year-on-year.
(Source: The Investor)
