Aeon to open 16 more malls in Vietnam over next 3 years

Japanese retailer Aeon Group plans to open an additional 16 shopping malls in Vietnam by 2025, including three or four in Hanoi, Aeon Mall Vietnam CEO Nakagawa Tetsuyuki said on Friday.

In his meeting with Hanoi’s Party Chief Dinh Tien Dung, Tetsuyuki said the Japanese giant has approved this plan.

"Aeon is prepared to break ground for Aeon Mall Hoang Mai in Hoang Mai district in the third quarter of this year as investment procedures near completion," he said.

The Aeon executive noted he would like city authorities to assist the retailer in preparation for a mall in Bac Tu Liem district.

Hanoi’s Party chief asked Aeon to pay attention to the city’s new urban development plans, which include new growth-driven towns, to be able to catch up the development trends for Aeon’s future business.

As for the proposed site in Bac Tu Liem district, Hanoi’s Vice Mayor Nguyen Manh Quyen told the Aeon Mall Vietnam CEO that officials would recommend another location as the area has been zoned for a park.

Aeon in 2020 said it would invest $2 billion expanding its presence across Vietnam, eyeing a total 25 malls by 2025.

The group is operating six malls in the country – two in Hanoi, one in Hai Phong city, two in Ho Chi Minh City, and one in nearby Binh Duong province.

The Japanese group entered the Vietnamese market in 2013, with the first mall located in HCMC.