Aeon to build $190 mln mall in central Vietnam
The construction of a $190-million Aeon Mall in central Vietnam's Thanh Hoa province is set to begin in September and complete in one year.
Thanh Hoa's Vice Chairman Nguyen Van Thi announced the news at a conference in the province late last week to commemorate 50 years of Vietnam-Japan ties.
According to a memorandum of understanding signed between Thanh Hoa authorities and Aeon Vietnam Company Limited, the mall, the Japanese giant's first in the province, will be located in Quang Thanh ward, Thanh Hoa town.
It will be the largest of its kind in the country and a major trading hub between Vietnam and Japan, Thi added.
Aeon Mall Tan Phu Celadon in Ho Chi Minh City. Photo courtesy of Aeon Vietnam.
Japanese retailer Aeon Mall recorded an operating income of JPY3.063 billion ($22.92 million) in Vietnam for fiscal year 2022 (March 1, 2022-February 28, 2023), a massive improvement from a loss of JPY83 million ($621,000) in 2021, according to its latest reports.
Aeon Mall made an operating revenue of JPY13.283 billion ($99.38 million) in Vietnam in FY 2022, its highest among ASEAN nations. The figure went up 224.2% year-on-year and 245.1% versus pre-pandemic 2019.
The retailer has seven malls in Vietnam, including two in Ho Chi Minh City, one in the southern province of Binh Duong, one in the northern city of Hai Phong, and three in Hanoi.
It plans to expand the network to 25 in Vietnam by 2025, with new malls planned in the provinces of Binh Duong, Thua Thien-Hue, Hai Duong, and others.
With 17 foreign direct investment (FDI) projects worth $12.53 billion, Japan is the biggest foreign investor in Thanh Hoa, accounting for 86% of the total. Major projects include the $9 billion Nghi Son oil refinery, the $2.73 billion Nghi Son 2 thermal power plant, and the $622 million Nghi Son cement plant.
Under Thanh Hoa's plan approved the Prime Minister for 2021-2030, with a vision to 2045, the province will become the country's main hub for heavy industries, energy, manufacturing-processing, large-scale agriculture, logistics, tourism, education-training, healthcare, and culture-sports.
By 2025, Thanh Hoa, Hanoi, Hai Phong city, and Quang Ninh province will become four economic pillars in the north of the country.
- Related News
- Read More
Malaysia needs more funding for semiconductor sector
Malaysia needs more funding for the implementation of the National Semiconductor Strategy (NSS) to enhance its competitiveness with neighboring countries, said Penang Chief Minister Chow Kon Yeow.
Southeast Asia - Sat, February 15, 2025 | 4:31 pm GMT+7
Thailand considers easing rules on income from overseas
Thailand’s government is considering easing personal income tax rules for individuals’ overseas income to encourage the remittance of those funds back into the country, said a senior official.
Southeast Asia - Sat, February 15, 2025 | 4:29 pm GMT+7
Nissan to close factory in Thailand
Japanese automaker Nissan has announced plans to close one of its two automobile factories in Thailand this year, following the collapse of merger talks with Honda.
Southeast Asia - Sat, February 15, 2025 | 4:10 pm GMT+7
Vietcombank leads Vietnamese banks in 2024 pre-tax profit
Vietcombank reported a pre-tax profit of VND42.2 trillion ($1.66 billion) last year, ranking as the most profitable Vietnamese lender, according to the Vietnam Banking Association (VNBA).
Banking - Sat, February 15, 2025 | 4:04 pm GMT+7
Vietnam's leading trade firm Hapro appoints new general director
Hanoi Trade Corporation (Hapro), a leading producer and exporter of agricultural produces in Vietnam, has appointed deputy general director Duong Thi Lam as general director, effective from March 1, 2025.
Companies - Sat, February 15, 2025 | 2:18 pm GMT+7
Private Vietnamese lender DongA Bank renamed Vikki Bank
DongA Bank, a private lender in Vietnam, has changed its name to Vikki Bank, with approval from the State Bank of Vietnam (SBV).
Banking - Sat, February 15, 2025 | 10:59 am GMT+7
Korea's SK Group seeks partnerships in 3 LNG-fired power projects in Vietnam
South Korean chaebol SK Group seeks to jointly build LNG-fired power plants in Vietnam and then develop facilities utilizing electricity generated by those power plants.
Energy - Sat, February 15, 2025 | 9:26 am GMT+7
World’s largest shipping line MSC docks at southern Vietnam port
Phuoc An Port, the largest seaport in Dong Nai province, on Thursday welcomed the first ship from MSC, the world’s largest shipping line, opening up significant opportunities for boosting international trade in Vietnam’s southern region.
Economy - Sat, February 15, 2025 | 8:17 am GMT+7
Vietnamese chemical-pharmaceutical industry eyes yearly growth of 8-11% by 2045
Vietnam's chemical-pharmaceutical industry is expected to achieve an annual growth rate of 8-11% by 2045, according to a newly-approved program on the industry’s development until 2030, with a vision to 2045.
Southeast Asia - Fri, February 14, 2025 | 11:28 pm GMT+7
Vietnam PM urges world's food industry leader JBS S.A to invest in livestock farming, meat processing
Brazil’s JBS S.A, the world’s largest meat processing enterprise, should consider investing in livestock farming, meat processing, industrial crops, and coffee processing in Vietnam, said Prime Minister Pham Minh Chinh.
Industries - Fri, February 14, 2025 | 11:08 pm GMT+7
China proposes new initiatives of cooperation with ASEAN
China has unveiled new proposals to boost cooperation with ASEAN in key areas such as maritime cooperation, artificial intelligence, transportation, blue economy, women’s and children’s health, and the environment, towards strengthening the comprehensive strategic partnership between the two sides.
Southeast Asia - Fri, February 14, 2025 | 8:17 pm GMT+7
Honda Vietnam’s motorcycle, car sales decline in Jan
Honda Vietnam's motorcycle sales reached 198,911 units, marking a 12.6% decline from January 2024, while it sold 1,826 cars, a 9.7% decrease year-on-year.
Southeast Asia - Fri, February 14, 2025 | 8:15 pm GMT+7
Vietnam auto sales fall 2% to 18,893 in Jan amid EV trend
Members of the Vietnam Automobile Manufacturers' Association (VAMA), not including VinFast and Hyundai, sold 18,893 units in January 2025, down 2% year-on-year and 40% from December 2024.
Companies - Fri, February 14, 2025 | 4:50 pm GMT+7
China-based Red Board Electronics to invest $110 mln in northern Vietnam
China-invested Red Board Electronics Limited will invest $110 million in Vietnam’s northern province of Ha Nam to manufacture printed circuit board (PCB).
Industries - Fri, February 14, 2025 | 3:25 pm GMT+7
US recent tariff does not aim at Vietnam: diplomat
The United States’ recent tax measures do not aim at Vietnam and the United States seeks to continue “positive” trade-economic relations with Vietnam, said U.S. Ambassador to Vietnam Marc Knapper.
Economy - Fri, February 14, 2025 | 3:11 pm GMT+7
VinFast's global deliveries hit 53,139 EVs in Q4/2024, up over 3 times
Vietnamese EV startup VinFast delivered 53,139 units globally in Q4/2024, a 342% year-over-year growth, driven by rising demand for affordable models and the company’s strength in its home market.
Companies - Fri, February 14, 2025 | 1:56 pm GMT+7
