Hanoi clears zoning for major mall project after Aeon exit, Thaco arm steps in
Hanoi authorities have approved a detailed zoning plan for an 8.03-hectare mixed-use site in Hoang Mai district, paving the way for a shopping mall-led development after Japan’s Aeon withdrew and a unit of Vietnam’s Thaco Group moved in.
Under a decision issued last week by the Hanoi People’s Committee, the zoning plan covers a site in Dinh Cong ward, bordered by Dam Doi lake to the north and planned major transport corridors to the south and east, including the M2 monorail line and Giap Bat station.
About 6.06 hectares are allocated for project development, with the remaining area designated for roads and internal infrastructure.
The area planned for the Hoang Mai Giap Bat parking-shopping mall project in Hanoi. Photo courtesy of Tien Phong (Vanguard) newspaper.
The site is zoned for mixed-use public functions, allowing construction of a modern complex combining a parking facility with a shopping mall, offices, and warehouse space.
Hanoi assigned Xuan Nam Viet JSC and 27-7 General Service and Mechanical Manufacturing Company Ltd. to complete land, investment and financial procedures for the project.
Aeon first proposed the Hoang Mai-Giap Bat shopping mall in 2019 in partnership with the two local firms, with total investment estimated at around $280 million.
Had it proceeded, the project would have marked Aeon’s third mall in Hanoi, following Long Bien and Ha Dong. However, Aeon disclosed in its 2024 financial statements that it booked a loss of more than JPY1.1 billion ($7.05 million) related to the project’s termination, confirming its exit.
Following Aeon’s withdrawal, ownership at the local partner changed. Thiso Trading and International Services JSC acquired a 99.98% stake in 27-7 Company. Thiso is the retail and commercial real estate arm of Thaco, the conglomerate founded by billionaire Tran Ba Duong.
Established in 2020, Thiso focuses on developing shopping malls and integrated retail ecosystems through partnerships, joint ventures and direct investment, positioning Thaco to advance the Hoang Mai-Giap Bat project on what is considered one of Hanoi’s prime inner-city sites.
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