Japanese retailer Aeon to build mall in Vietnam’s Nam Dinh province

By Tri Duc
Wed, October 25, 2023 | 7:51 pm GMT+7

An Aeon mall will be built in the northern province of Nam Dinh per a memorandum of understanding signed Wednesday by the Japanese retail giant and provincial authorities.

Nam Dinh will facilitate studies and location surveys carried out by Aeon and its partners as also assist with preparations related to the technical and social infrastructure for the project.

Aeon Vietnam executive Hagino Tatsuya highlighted Nam Dinh’s advantages, including a prime location with proximity to key areas of the Red River Delta, rapid economic growth, and support from provincial authorities.

Representatives of Nam Dinh province and Aeon Vietnam at a signing ceremony in the province, northern Vietnam, October 25, 2023. Photo courtesy of Nam Dinh's news portal.

Representatives of Nam Dinh province and Aeon Vietnam at a signing ceremony in the province, northern Vietnam, October 25, 2023. Photo courtesy of Nam Dinh's news portal.

Nam Dinh Chairman Pham Dinh Nghi said an Aeon mall would grow contribution of the service-commerce sector to the provincial economy.

So far this year, the province has attracted over $400 million in FDI, thanks to investments in transport infrastructure and other areas, he added.

There are six Aeon Mall outlets 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 company plans to expand the network to 25 in Vietnam by 2025, with new malls planned in the provinces of Binh Duong, Dong Nai, Thanh Hoa, Thua Thien-Hue, Hai Duong, and others.

Its first outlet in Dong Nai province, a manufacturing hub in southern Vietnam, is set to be built late this year.

An Aeon mall in Vietnam. Photo courtesy of the company.

An Aeon mall in Vietnam. Photo courtesy of the company.

The retailer has so far invested more than $1.18 billion in Vietnam, Aeon Group executive chairman Akio Yoshida said at a meeting with Vietnamese Prime Minister Pham Minh Chinh in Japan’s Hiroshima last May.

Vietnam has become Aeon's largest foreign investment market, and Japan’s largest retailer plans to continue its expansion in the country, he added.

Aeon Vietnam earned operating revenues of JPY7,155 million ($48.3 million) in the first half of fiscal year 2023 (March-August 2023), up 20.7% year-on-year. The retailer said its operating income in Vietnam for the six-month period rose 36.6% to JPY1,992 million ($13.4 million). The figure was the company’s highest among ASEAN members and the second-highest overseas market, only behind China.

Nam Dinh is emerging as a manufacturing center in northern Vietnam, besides Hanoi, Hai Phong, Hai Duong, Bac Ninh, Bac Giang and Thai Nguyen.

In the year to September 20, the province attracted $320.3 million of FDI, the 15th-highest figure among FDI recipients nationwide and up 672% year-on-year, according to the Ministry of Planning and Investment. So far, Nam Dinh has attracted $3.94 billion in 137 FDI projects, ranking 26th nationwide in terms of value.

In August, Taiwan's housewares maker JiaWei said it would invest $100 million in building a plant in the province. Also in August, Sunrise Material, a Singapore-based polymer food packaging company, revealed its plan to develop a $100 million factory.

In May, Nam Dinh granted an investment certificate for Apple supplier Quanta Computer to build a $120-million factory, the Taiwanese firm's first in Vietnam and ninth worldwide. The plant, located in My Thuan Industrial Park, is set to manufacture 1.3 million laptops and desktop computers in 2024, 2.6 million in 2025, 3.6 million in 2026, 4 million in 2027, and 4.5 million in 2028.

Comments (0)
  • Read More
Elon Musk company okayed to pilot Starlink satellite internet service in Vietnam

Elon Musk company okayed to pilot Starlink satellite internet service in Vietnam

Vietnam has allowed the U.S.'s SpaceX to pilot Starlink low-orbit satellite internet service in the country on a pilot basis until January 1, 2031.

Industries - Wed, March 26, 2025 | 5:18 pm GMT+7

Danish toymaker Lego to open $1.3 bln Vietnam plant next month

Danish toymaker Lego to open $1.3 bln Vietnam plant next month

Denmark's Lego will officially open its factory in VSIP III Industrial Park in Vietnam's southern province of Binh Duong on April 9.

Industries - Wed, March 26, 2025 | 4:18 pm GMT+7

Top Singaporean firms earn high incomes in Vietnam

Top Singaporean firms earn high incomes in Vietnam

Singapore is the second-biggest foreign investor in Vietnam, with over $84 billion in registered investment capital as of end-January and many prominent investors raking in high incomes.

Companies - Wed, March 26, 2025 | 3:45 pm GMT+7

Vietnam, Singapore ink significant deals in Hanoi

Vietnam, Singapore ink significant deals in Hanoi

Vietnamese Prime Minister Pham Minh Chinh and his Singaporean counterpart Lawrence Wong on Wednesday witnessed the signing of many cooperation deals between agencies and enterprises of the two countries.

Economy - Wed, March 26, 2025 | 2:51 pm GMT+7

Vietnam's major policies are reshaping economic development

Vietnam's major policies are reshaping economic development

Major policies are reshaping Vietnam's approach to economic development, which focuses on science, technology, and private enterprises, said a leader at the Vietnam Chamber of Commerce and Industry (VCCI).

Economy - Wed, March 26, 2025 | 12:11 pm GMT+7

PM okays over $10 bln urban area project in central Vietnam

PM okays over $10 bln urban area project in central Vietnam

The over VND260.3 trillion ($10.16 billion) Cam Lam New Urban Area project in the south-central province of Khanh Hoa has received in-principle approval from Prime Minister Pham Minh Chinh.

Real Estate - Wed, March 26, 2025 | 8:58 am GMT+7

S Korea's KIM Fund raises stake in Vietnam's marine transportation firm VIPCO

S Korea's KIM Fund raises stake in Vietnam's marine transportation firm VIPCO

South Korea’s KIM Fund has increased its stake in Hai Phong city-based Vietnam Petroleum Transport JSC (VIPCO, HoSE: VIP) to 2.73%, making it the latter’s second-largest shareholder.

Companies - Wed, March 26, 2025 | 8:30 am GMT+7

Vietnam, Singapore seek cooperation chances in semiconductor industry

Vietnam, Singapore seek cooperation chances in semiconductor industry

The Vietnam Trade Office in Singapore, in collaboration with the Singapore Semiconductor Industry Association (SSIA), organized a hybrid seminar on Monday to introduce Vietnam's potential, advantages, and development strategies for the semiconductor industry.

Southeast Asia - Tue, March 25, 2025 | 10:55 pm GMT+7

OV intellectuals in UK suggest blueprint for Vietnam’s int’l financial hub ambition

OV intellectuals in UK suggest blueprint for Vietnam’s int’l financial hub ambition

Vietnam can rise as a major international financial centre, both regionally and globally, with a strategic vision that highlights transparency, a skilled workforce, modern infrastructure, robust financial markets, and strong international branding, the Vietnam Intellectual Society in the UK and Ireland (VIS) told visiting Vietnamese Permanent Deputy Prime Minister Nguyen Hoa Binh in a recent meeting.

Southeast Asia - Tue, March 25, 2025 | 10:55 pm GMT+7

Vietnam Deputy PM discusses financial center development with ECB

Vietnam Deputy PM discusses financial center development with ECB

Vietnam's Standing Deputy Prime Minister Nguyen Hoa Binh on Monday met with representatives of the European Central Bank (ECB) to discuss plans for the establishment of financial centers in Vietnam, as part of his working visit to Germany – the final stop in his European tour.

Southeast Asia - Tue, March 25, 2025 | 10:52 pm GMT+7

Indonesia keeps commitment on energy transition

Indonesia keeps commitment on energy transition

Indonesian Coordinating Minister for Economic Affairs Airlangga Hartarto on Monday affirmed that the U.S. decision to pull out of the Just Energy Transition Partnership (JETP) will not impact the other partners' commitment to it.

Southeast Asia - Tue, March 25, 2025 | 10:35 pm GMT+7

Malaysia’s electric vehicle sales surge

Malaysia’s electric vehicle sales surge

Malaysia’s automotive industry is gaining momentum, with electric vehicle (EV) sales soaring over the past two years and continuing to rise in 2025, driven by both domestic and international manufacturers.

Southeast Asia - Tue, March 25, 2025 | 10:23 pm GMT+7

Japan turns to Vietnam, Indonesia to tackle truck driver shortage

Japan turns to Vietnam, Indonesia to tackle truck driver shortage

Logistics and transportation companies in Japan have begun recruiting foreign nationals as drivers now that their industries qualify for a special employment visa amid a severe labor shortage.

Southeast Asia - Tue, March 25, 2025 | 10:19 pm GMT+7

Malaysia expected to achieve economic growth of 4.5-5.5% in 2025

Malaysia expected to achieve economic growth of 4.5-5.5% in 2025

The Malaysian economy is projected to expand between 4.5% and 5.5% in 2025, underpinned by resilient domestic demand and ongoing investment activity, despite external uncertainties, according to the country’s central bank Bank Negara Malaysia (BNM).

Southeast Asia - Tue, March 25, 2025 | 10:10 pm GMT+7

Singapore’s core inflation falls in Feb

Singapore’s core inflation falls in Feb

Singapore’s core inflation declined for the fifth straight month in February after falling sharply in January as most spending categories saw smaller year-on-year price increases.

Southeast Asia - Tue, March 25, 2025 | 10:01 pm GMT+7

China’s apparel giant 'unwinds' Texhong Industrial Park expansion in Vietnam

China’s apparel giant 'unwinds' Texhong Industrial Park expansion in Vietnam

China-headquartered Texhong, among the largest core cotton textile suppliers in the world, will “unwind” the expansion of its Texhong Industrial Park (Texhong Hai Ha Industrial Park) in the northern Vietnam province of Quang Ninh, the firm said on Monday.

Industrial real estate - Tue, March 25, 2025 | 9:28 pm GMT+7