$152 mln Aeon Mall project in northern Vietnam province Bac Ninh to break ground on Dec 19

Aeon Mall Vietnam, under Japanese retail giant Aeon Mall, and its local partner Newland Investment JSC aim to begin construction of a VND4 trillion (about $151.6 million) shopping mall in the northern province of Bac Ninh on December 19.

The information was disclosed at a Friday meeting between representatives of the two companies and Bac Ninh Chairman Vuong Quoc Tuan, according to the province’s news portal.

To date, the project, spanning more than 7.6 hectares, has completed land procedures and environmental impact assessments, and is currently under review for its feasibility study report.

Aeon Mall Vietnam CEO Nakagawa Tetsuyuki said the company is focusing on developing its product and tenant strategies, aiming to complete these key components by the end of 2025. However, progress has fallen short of expectations.

Once these tasks are completed, the company will promptly submit documents seeking in-principle approval for the project, he said, explaining that the delays stem from both objective and subjective factors.

The CEO said the company is making every effort to accelerate the progress and make up for lost time to ensure the project moves forward as soon as possible.

Nguyen Cong Ha, chairman of Newland Investment JSC - the project’s investor - said Newland and Aeon Mall Vietnam plan to finalize project transfer procedures in November once legal conditions are met.

Speaking at the working session, Tuan highlighted Bac Ninh’s goal of becoming a centrally-run city by early 2028, saying Aeon Mall Vietnam’s projects in the province would help advance that objective.

Vietnam currently has six centrally-governed cities including Hanoi, Hai Phong, Danang, Hue, Can Tho, and Ho Chi Minh City.

Expressing his wish to see a groundbreaking ceremony for the project on December 19, he urged the companies to promptly complete all documentation.

Bac Ninh authorities are committed to providing maximum support and placing the project under “special priority” status to ensure it proceeds on schedule, Tuan stressed.

The provincial leader also noted hope that the project would soon take shape, aiming for inauguration on July 1, 2027.

On Thursday, Aeon Vietnam CEO Tezuka Daisuke said at the inauguration of Aeon’s general merchandise store in Hung Yen province, northern Vietnam, that by 2030, the Japanese retailer will triple the number of its shopping centers and stores in Vietnam – a key market in the group’s strategy to accelerate growth in Southeast Asia.

Vietnam is Aeon’s second most important market after Japan for stepping up investment, he said.

Aeon built its first shopping mall in Vietnam in 2014 - the Aeon Tan Phu Celadon in Ho Chi Minh City. The retailer has since invested about $1.5 billion in the country, according to Tezuka.

Aeon currently operates eight shopping malls, 15 general merchandise stores and supermarkets, 45 small- and medium-sized supermarkets, 182 convenience stores, and 29 specialty shops covering fashion, beauty and bicycles in Vietnam. The retailer has maintained an average annual growth rate of about 30% in the country.

The retailer plans to open a mid-sized supermarket in the northern city of Hai Phong in 2026.

Bac Ninh province, the new name of the merged Bac Giang and Bac Ninh, has a population of over 3.6 million and covers more than 4,700 square kilometers. It is home to global tech giants including Samsung, Foxconn, Canon, and Luxshare.