Aeon takes over largest mall project in northern Vietnam province

Vietnam’s northern province of Hai Duong has approved the transfer of a shopping mall project from a local developer to Aeon Vietnam Co., Ltd.

The Hai Duong shopping mall project was initially developed by Tuan Kiet HD Trading & Services JSC at a cost of VND1.2 trillion ($46.94 million), according to a deal signed between the local firm and Aeon Vietnam in late 2022.

Following the transfer, the project was renamed Aeon Hai Duong shopping mall, with its total investment revised down to VND1.17 trillion ($45.77 million).

Spanning 3.6 hectares in Hai Duong town, the mall is expected to be completed by Q3/2026. Once operational, it will be the province’s largest commercial complex, offering approximately 5,000 diverse products and 150 rental spaces for entertainment, dining, and fashion.

Currently, Hai Duong has a Thai-invested GO! shopping mall and a Vincom department store.

Aeon is expanding its presence in Vietnam. Most recently, in mid-February, the Japanese retail giant broke ground on a new shopping mall in Ha Long, Quang Ninh province, aiming for an opening in the second half of 2025.

Aeon Vietnam has invested $1.5 billion in Vietnam over the past decade, its CEO Furusawa Yasuyuki said. Currently, the Japanese retailer operates seven shopping malls across the country, primarily in Hanoi, Hai Phong, Binh Duong, and Ho Chi Minh City.

Aeon Mall’s financial report for March-November 2024 shows that its revenue in Vietnam reached 12.5 billion yen ($78.4 million), a 13.7% increase year-on-year.

Revenue and operating income from Vietnam accounted for 3.7% and 9% of Aeon’s global totals, respectively, making the country its third-largest market by operating income, after Japan and China.