Japan retailer Aeon plans shopping mall project in central Vietnam

Hanoi-based CMH Vietnam Group JSC (CMH Group) and AeonMall Vietnam Co., Ltd. have proposed conducting research for the development of an international shopping mall in the central province of Nghe An.

In a report submitted to the provincial People’s Committee, the Department of Construction said it has received feedback from relevant agencies on the invesment proposal except for the Department of Industry and Trade.

CMH Group proposed a land area of 8-10 hectares in Vinh Phu ward for the project. The investor asked for support in land clearance, ensuring project progress and evaluating the possibility of expanding the project area.

In response, the construction department stated that the originally proposed site covered only 6.2 hectares. The request to expand the project area toward the southeast to approximately 8-10 hectares requires further review of planning schemes, land use, technical infrastructure, irrigation systems, and site clearance feasibility before assessing the project’s viability.

Therefore, the department proposed the provincial People’s Committee allow it to continue coordinating with relevant agencies to further assess the project at the new site, Vinh Phu ward, as suggested by the investor.

CMH Group said the company and AeonMall Vietnam had already conducted market surveys and site assessments.

The firm committed that if selected as the investor, it would concentrate resources to quickly implement and effectively operate the project, helping to meet commercial demand, create jobs, promote urbanization, and increase local budget revenues.

Under the land-use plan through 2030 for the former Vinh town, the proposed project area is currently designated for government offices, specialized wet-rice cultivation, public recreational areas, water surface land, and transportation infrastructure.

Investor profiles

CMH Group was established in 2007 under its original name, Vietnam Construction and Manpower JSC, headquartered in Hanoi with an initial charter capital of VND80 billion ($3.03 million). The company is led by Kim Ngoc Nhan, born in 1974, as CEO. In 2010, it was listed on the Hanoi Stock Exchange (HNX) as CMS.

In 2022, the company changed its name to CMH Vietnam Group JSC and shifted its primary operations toward trade, services, and construction. The company is currently headquartered at 33 Cau Dien street, Hanoi. Kim Ngoc Nhan continues to serve as CEO and legal representative. The company’s charter capital now exceeds VND254 billion ($9.63 million).

CMH Group is involved in several real estate projects, including Cam Khe Central Park in the northern province of Phu Tho, with a total investment exceeding VND1 trillion ($37.93 million). The company has also served as a construction contractor for major infrastructure projects such as the Hai Van tunnel expansion, the Deo Ca road tunnel, and the Song Bac hydropower plant in Ha Giang province.

According to the consolidated financial statements for Q1/2026, CMH Group reported total assets of approximately VND633 billion ($24 million) and liabilities of VND322 billion. The company generated VND69 billion ($2.62 million) in revenue from sales and services and recorded a net profit of VND2.5 billion ($94,827) after operating expenses.

CMH Group currently owns four subsidiaries: CM Investment and Trading JSC, Environmental Construction JSC, CM Construction Co., Ltd., and CM Thanh Dong JSC. However, Environmental Construction JSC is scaling down operations, while the other three are undergoing dissolution procedures.

At the 2026 annual general meeting of shareholders, the company set a target of more than VND368 billion ($13.96 million) in revenue and over VND29 billion ($1.1 million) in pre-tax profit.

AeonMall Vietnam was established in 2013 as a subsidiary of Japan’s Aeon Group. The company currently operates seven shopping malls in major cities including Ho Chi Minh City, Hanoi, Hai Phong, and Hue.