Aeon starts building $46 mln shopping center in northern Vietnam province

Japanese retailer Aeon Vietnam on Saturday started construction of its VND1,180 billion ($45.61 million) Aeon Hai Duong shopping center project in the northern province of Hai Duong, a neighbor of Hanoi.

The Aeon Hai Duong, located in Lien Hong commune, the province's Hai Duong town, is scheduled to open in the third quarter of 2026 and create around 1,000 jobs.

It has a total floor area of approximately 3.6 hectares, and its parking capacity is about 600 cars and 1,200 motorcycles.

Tezuka Daisuke, chief Vietnam business officer of Aeon Japan and general director of Aeon Vietnam, said: “Aeon Hai Duong will help promote the consumption of high-quality local products from Hai Duong province, and make a positive contribution to the region’s sustainable development.”

Naoki Ito, Ambassador of Japan to Vietnam, commented: “I think it is wonderful that the urban development process in many regions of Vietnam is progressing, and Aeon is playing a role in that.”

Strategically positioned in the heart of Hai Duong, the Aeon Hai Duong shopping center enjoys a prime location at Ring Road 1 and Vo Nguyen Giap Avenue, just 2 km from the Hanoi-Hai Phong Expressway.

Vietnam is identified by Aeon as its second key market after Japan, with a mission to enhance customer experience and meet increasing needs through a modern retail ecosystem, the group said in its release on the event.

To achieve this, Aeon is accelerating investment by strengthening its market presence and investing in infrastructure and retail expansion to meet growing demand.

The company is expanding its market presence by enhancing accessibility through opening more stores and shopping malls in key cities, targeting emerging urban areas with rising demand for modern retail solutions and developing diverse retail formats to cater to evolving customer needs, it added.

The Aeon Hai Duong shopping center marks a significant milestone in Aeon Group's strategy of expanding business locations into new provinces in Vietnam.

Local suppliers are also poised to benefit from growth opportunities and enhanced market access through collaborative partnerships.

Aeon has invested over $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 broke ground in the northern province of Quang Ninh on February 17. 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.

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 weak demand in July.