Japan retailer Aeon Mall earns $22 mln in Vietnam from Mar-Nov 2024, up 19%

Aeon Mall reported an operating income of JPY3,434 million ($21.8 million) in Vietnam in March-November 2024 (first three quarters of fiscal year 2024), up 19.3% year-on-year.

According to the Japanese retailer’s report for the nine-month period, the operating income in Vietnam was the highest in the ASEAN region and the third-highest in the world. The top ones were Japan as its domestic market with JPY30,277 million ($192 million) and China with JPY4,276 billion.

Vietnam’s operating income growth of 19.3% outpaced Japan with 17.2% and China with negative 20.1%.

In terms of operating revenue, Aeon Mall earned JPY12,460 million ($79 million) in Vietnam, up 13.7%. As a result, Vietnam was Aeon Mall’s third-biggest market, behind Japan and China.

Aeon Mall stressed challenges in the period, including the passing of Vietnam Party General Secretary Nguyen Phu Trong leading to citizens’ self-restraint mood and cancellation of some customer-attraction events, and typhoon Yagi hitting northern Vietnam in September. However, domestic consumption in Vietnam remained strong, Aeon Mall pointed out.

Regarding the launch of new malls, Aeon said the latest one in Vietnam is Aeon Mall Hue in the central town of Hue and the next one is Aeon Mall Thanh Hoa in the central province of Thanh Hoa.

Aeon Mall Vietnam, under Aeon Mall, kicked off the construction of its VND4,157 ($163.8 million) Aeon Mall Thanh Hoa in December 2024 and aims to put it into operation in the latter half of 2026.

To date, there are seven Aeon outlets in Vietnam: two each in Hanoi and Ho Chi Minh City; and one each in the southern province of Binh Duong, the northern city of Hai Phong and the central province of Thua Thien Hue. Of these, the latest to open is in Thua Thien Hue.

Aeon is building two more malls in Vietnam, one in the northern province of Quang Ninh and one in the Mekong Delta province of Long An.

So far, Aeon has invested over $1.5 billion in Vietnam. Vietnam is retail giant Aeon's second most important market, after Japan, said Kazaoka Takao, chief merchandizing officer at Aeon Vietnam.