Aeon’s 2024 Vietnam operating profit rises 8.6% to over $29 mln

Japanese retailer Aeon posted an operating income of JPY4.2 billion ($29.36 million) in Vietnam during its fiscal year 2024 (March 2024-February 2025), up 8.6% year-on-year.

The retailer brought in operating revenues of JPY17.3 billion ($120.9 million) in the fiscal year, up 13.5% year-on-year.

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

Vietnam maintained its position as Aeon’s third-largest market globally, following its home market of Japan, which generated revenue of JPY345.9 billion (nearly $2.42 billion), and China, with JPY68.1 billion.

In its full-year review, Aeon reported that shopping activity in Vietnam remained stable last year, despite several challenges, including a decline in customer numbers in the southern region, the temporary closure of some hypermarkets due to typhoon Yagi in September, and a weak demand in July.

Aeon has invested $1.5 billion in Vietnam to date. The company currently operates eight malls across the country, with a total area of 462,000 square meters.

Several more malls are under construction, the latest of which recently broke ground in the northern province of Quang Ninh. It is scheduled to open in the second half of next year. Meanwhile, a $230-million mall in the Mekong Delta city of Can Tho is set to begin operation this month.