Japan retailer Aeon plans first outlet in manufacturing hub Dong Nai province
Japanese retailer Aeon plans to invest in its first outlet in Dong Nai province, a manufacturing hub in southern Vietnam, late this year.
Aeon Mall Vietnam CEO Nakagawa Tetsuyuki mentioned the project in a Monday meeting with Dong Nai acting Chairman Vo Tan Duc.
Aeon Mall Vietnam CEO Nakagawa Tetsuyuki (fourth, left) and Dong Nai acting Chairman Vo Tan Duc (fourth, right) at a meeting in the southern province, September 18, 2023. Photo courtesy of Dong Nai newspaper.
Welcoming the project, Duc enumerated several advantages that Dong Nai offers, including a large population and high purchasing power. Dong Nai is home to the under-construction Long Thanh International Airport.
He asked Aeon to prepare project documents so that relevant agencies could facilitate its deployment.
Duc also advised the retailer to check locations in Long Khanh town and Nhon Trach district, noting that these were areas targeting retail service investments under the province’s 10-year (2021-2030) development master plan.
There are six Aeon Mall outlets operational in Vietnam: two each in Hanoi and Ho Chi Minh City; and one each in the southern province of Binh Duong and northern city of Hai Phong. The seventh one is under construction in the central province of Thua Thien-Hue.
The Japanese retailer entered the Vietnamese market in 2013 with the first mall located in HCMC.
The retailer has so far invested more than $1.18 billion in Vietnam, Aeon Group executive chairman Akio Yoshida had noted during a meeting with Vietnamese Prime Minister Pham Minh Chinh in Japan’s Hiroshima town in May.
Aeon Mall earned an operating income of JPY1,093 million ($7.78 million) in Vietnam for the first quarter of fiscal year 2023 (March-May 2023), up 42.9% year-on-year.
The retailer recorded operating revenues of JPY3,528 million ($25.1 million) in the three-month period, up 31.6% year-on-year, according to its latest report. This was the company's best performance in the ASEAN region and second best overseas, behind China.
Per its medium-term (2023-2025) plan, the company will open more outlets in Vietnam, including the one in Thua Thien-Hue. Construction of Aeon Mall Hue began this February and a grand opening is planned in the second half of 2024.
- Related News
- Read More
Offshore wind power investors can sell entire projects in Vietnam: draft decree
A draft decree on offshore wind power being compiled by Vietnam’s Ministry of Industry and Trade will facilitate investors to sell their projects or stakes.
Energy - Thu, January 16, 2025 | 11:27 am GMT+7
Build your own sales channels if e-commerce competition too harsh: NextTech exec
If e-commerce competition is too harsh, Vietnamese businesses should develop their own sales channels and customer databases, says Nguyen Hoa Binh, founder and chairman of NextTech Group, a leading technology startup in Vietnam.
Economy - Thu, January 16, 2025 | 9:05 am GMT+7
Indonesia moves to secure domestic pharmaceutical independence
Indonesia's Health Ministry is working to achieve domestic pharmaceutical independence through research and development, production, and market guarantees.
Southeast Asia - Thu, January 16, 2025 | 8:09 am GMT+7
Malaysia cooperates with UAE in AI development, digital transformation
Malaysian Prime Minister Anwar Ibrahim has said that the country must embark on digital transformation within its economic and financial sectors, prioritizing areas such as blockchain and cryptocurrency to remain at the forefront of the digital age.
Southeast Asia - Wed, January 15, 2025 | 11:00 pm GMT+7
Thai billionaire seeks to increase stake in Vietnam dairy gaint Vinamilk
F&N Dairy Investments Pte. Ltd - an entity associated with Thai billionaire Charoen Sirivadhanabhakdi - has registered to purchase nearly 20.9 million shares of Vietnamese dairy giant Vinamilk (HoSE: VNM).
Companies - Wed, January 15, 2025 | 10:54 pm GMT+7
Vietnam PM leaves for official visits to Poland, Czech, WEF meeting
Prime Minister Pham Minh Chinh departed Hanoi on Wednesday afternoon for official visits to Poland and the Czech Republic, attendance at the 55th World Economic Forum (WEF) Annual Meeting in Davos, and bilateral meetings in Switzerland.
Politics - Wed, January 15, 2025 | 10:31 pm GMT+7
Malaysia’s manufacturing sector sees positive signs in 2025
Malaysia’s manufacturing sector is forecast to recover well in 2025 as global trade dynamics and geopolitical shifts influence market trends.
Southeast Asia - Wed, January 15, 2025 | 10:06 pm GMT+7
Thailand posts record investment last year
Thailand saw record investment figures for 2024, with applications exceeding THB1.13 trillion ($32.5 billion), the highest in the past decade, according to the country’s Board of Investment (BOI).
Southeast Asia - Wed, January 15, 2025 | 10:05 pm GMT+7
Indonesia considers reducing trade tariffs with US
Indonesia is planning to lower trade tariffs with the U.S. as President-elect Donald Trump prepares to implement a universal tariff policy.
Southeast Asia - Wed, January 15, 2025 | 9:58 pm GMT+7
Malaysia eyes greater sustainability in palm oil sector as EU law looms
The Malaysian government said on Tuesday that it will encourage sustainability while maintaining the competitiveness of its palm oil industry ahead of the implementation of the EU’s anti-deforestation law at the end of this year.
Southeast Asia - Wed, January 15, 2025 | 9:52 pm GMT+7
T&T Group proposes 3,400 hectare urban, logistics, aviation industry complex in central Vietnam
Vietnamese conglomerate T&T Group and Singaporean consultancy firm CPG Corporation have proposed an urban-commerce-service-logistics-aviation industry complex covering 3,400 hectares in the central province of Quang Tri.
Real Estate - Wed, January 15, 2025 | 5:17 pm GMT+7
Samsung Vietnam facilities in Thai Nguyen province post 5% revenue growth in 2024: outgoing CEO
Factories in Thai Nguyen province of Samsung Vietnam earned a total revenue of $26.3 billion in 2024, up 5% year-on-year, said outgoing Samsung Vietnam CEO Choi Joo Ho.
Companies - Wed, January 15, 2025 | 4:22 pm GMT+7
Draft decree on offshore wind power sets requirements for foreign investors
A draft decree on offshore wind power being compiled by Vietnam’s Ministry of Industry and Trade includes requirements for foreign investors, such as financial capacity and past experience.
Energy - Wed, January 15, 2025 | 4:01 pm GMT+7
Kim Long Motors, China’s Changan Automobile to build 50,000-unit plant in central Vietnam
Vietnamese automaker Kim Long Motors and China’s Changan Automobile Co., Ltd. will join hands to build a plant manufacturing 5-7 seat passenger cars in the central city of Hue.
Industries - Wed, January 15, 2025 | 1:43 pm GMT+7
From a third-grade dropout to famous ceramics maker exporting worldwide
Ly Ngoc Minh, chairman and founder of Minh Long Ceramics Company, defied the odds by transforming from a boy who only completed the third grade into the creator of a globally recognized ceramic brand and the owner of a ceramic product museum.
Companies - Wed, January 15, 2025 | 12:30 pm GMT+7
Nestlé-invested bottled water maker La Vie LLC must pay tax arrears, payment delay fees of $2.6 mln in Vietnam
La Vie LLC, a joint venture between Nestlé Water and a Long An province-based Vietnamese company, must pay tax arrears and payment delay fees of VND66.7 billion ($2.6 million), according to tax authorities.
Companies - Wed, January 15, 2025 | 11:51 am GMT+7
