How retail giant Aeon Mall rapidly expands presence in Vietnam

Japanese retailer Aeon Mall has employed a consistent strategy to expand its footprint across Vietnam: partnering with domestic companies that possess land funds earmarked for commercial real estate development.

Among Aeon's key local partners is Viet Phat Group JSC, a company with which Aeon successfully joined to launch Aeon Mall Hai Phong Le Chan in the northern port city of Hai Phong in 2020.

In January 2024, Viet Phat kicked off a new project - Aeon Mall Ha Long - in Bai Chay ward, Ha Long town, the northern province of Quang Ninh - a neighbor of Hai Phong. The development covers more than 13 hectares with an investment exceeding VND5.2 trillion ($199.85 million).

A year later, Viet Phat and Aeon signed a framework agreement for a commercial center in Quang Ninh. One month after that agreement, Aeon broke ground on the Aeon Mall Ha Long project.

In February 2025, Viet Phat cooperated with authorities of Dong Nai province in southern Vietnam to launch the Aeon Mall Bien Hoa project. In April 2025, the provincial People’s Committee officially approved land-use conversions and leases, paving the way for construction of the office and commercial center complex in Hiep Hoa ward, Bien Hoa town.

Meanwhile, in the Mekong Delta city of Can Tho, Aeon Mall entered a partnership with Hoa Lam Can Tho Development Investment JSC, which was granted in-principle approval for developing Aeon Mall Can Tho in December 2024.

In April 2025, construction began on the project in Long Hoa ward, Binh Thuy district, with an investment of VND5.4 trillion ($207.67 million) and a total floor area of 195,073 square meters.

Last month, Aeon Vietnam signed an agreement with Tay Bac Investment Group to acquire part of a commercial center project in Tien Giang province, also in the Mekong Delta. This marks Aeon’s first mall in the province.

The partnership came after Tien Giang authorities approved the transfer of the project portion from Tay Bac to Aeon.

The project was initially approved in principle in April 2024 and had the in-principle approval revised in September 2024. In December 2025, Tay Bac was recognized as the winner of a land use auction to implement the project.

Located in Dao Thanh commune, My Tho town, the transferred portion covers over 20,000 square meters and is earmarled for commercial center development, with an estimated investment of nearly VND1.16 trillion ($44.6 million).

On June 10, Aeon Vietnam and Tay Bac held a groundbreaking ceremony where Aeon received an investment registration certificate.

According to the plan, construction of Aeon Mall My Tho will begin in August 2025 and is expected to open in Q4/2026.

Tay Bac will retain the remainder of the land to develop a Japanese-style townhouse area featuring 73 units and a central park.

In the northern region, May 2025 saw the People's Committee of Bac Giang province engage with Aeon Mall Vietnam and Newland Group on a tourism-office-commercial center project, with a minimum investment of VND3.9 trillion ($149.9 million).

Aeon also employed a similar strategy in Hai Duong province. In March 2025, the provincial government approved the transfer and revision of the Hai Duong Commercial Center project from Tuan Kiet HD to Aeon Vietnam.

After the transfer, the project was renamed Aeon Mall Hai Duong, with its investment adjusted to over VND1.17 trillion ($45 million).

However, not every collaboration has resulted in success. A notable example is Aeon Mall Hoang Mai in Hanoi.

Since 2019, Aeon Mall Vietnam had been exploring a parking-commercial center project with local partners Xuan Nam Viet JSC and 27-7 General Service and Mechanical Manufacturing Co., Ltd.

But in October 2024, parent company Aeon Mall (Japan) reported a loss of JPY1.1 billion ($7.63 million) due to the cancellation of the Hoang Mai project, according to its semi-annual financial report for 2024 (from March to August 2024).

27-7 General Service and Mechanical Manufacturing Co., Ltd reportedly transferred almost all of its shares to Thiso International Trading and Services Joint Stock Company.

Thiso is a member unit of muti-sector conglomerate Thaco, in the ecosystem of billionaire Tran Ba Duong.

Aeon currently operates seven malls in Vietnam, including Ta Phu Celadon and Binh Tan in Ho Chi Minh City, Ha Dong and Long Bien in Hanoi, Le Chan in Hai Phong city, Canary in Binh Duong province, and Aeon Mall Hue in Hue city.

According to its FY2024 report (Mar 2024-Feb 2025), Aeon Mall’s operating revenue in Vietnam rose 13.5% year-on-year to JPY17.3 billion ($120.1 million). Operating income in the Souheast Asian country grew 8.6% to JPY4.2 billion ($29.16 million).