Japanese retailer Aeon to build mall in Vietnam’s Nam Dinh province
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.
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.
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.
- Read More
Vietnam needs large, specialized logistics centers to compete better: official
Vietnam needs large-scale, specialized logistics centers that will enable greater competitiveness of local economies and enterprises, says Tran Thanh Hai, deputy head of the Ministry of Industry and Trade's agency of foreign trade.
Economy - Sun, November 3, 2024 | 11:00 am GMT+7
Vietnam manufacturing sector sees 35% increase in Q3 job orders: Adecco
Vietnam’s manufacturing and sourcing sectors saw a substantial 35% year-on-year increase and a 52% quarter-on-quarter increase in Q3/2024 job orders, global workforce solutions provider Adecco said in a reseach report released Thursday.
Economy - Sun, November 3, 2024 | 9:00 am GMT+7
Construction majors to continue capitalizing on public investment projects
Vietnamese construction giants are expected to continue capitalizing on public investment projects for the remainder of this year after delivering strong performances in the third quarter, analysts say.
Companies - Sun, November 3, 2024 | 8:00 am GMT+7
Former Government Office chairman receives $7,900 bribe from property project
Mai Tien Dung, former Minister-Government Office Chairman, received a bribe worth VND200 million ($7,900) from Nguyen Cao Tri, owner of the Dai Ninh eco-resort and urban area project in Lam Dong province.
Society - Sat, November 2, 2024 | 9:13 pm GMT+7
Thai food giant CP enters public-private partnership to promote food system transformation
Thai-invested C.P. Vietnam Livestock JSC and the Partnership for Sustainable Agriculture Vietnam (PSAV) signed a memorandum of understanding Friday on working together to advance sustainable agriculture in the country.
Companies - Sat, November 2, 2024 | 7:16 pm GMT+7
Central Vietnam province Quang Ngai to begin work on new VSIP industrial park next year
Vietnam’s central province of Quang Ngai will work with the investor to have construction of VSIP II Quang Ngai, a facility based on the Vietnam-Singapore Industrial Park (VSIP) model, begin in August 2025.
Industrial real estate - Sat, November 2, 2024 | 3:47 pm GMT+7
Vietnam likely to grow 6.5% in 2024-2025: VinaCapital
VinaCapital, among the biggest foreign-run asset managers in Vietnam, has forecast the country’s economy to achieve 6.5% growth in both 2024 and 2025, with the composition of the expansion to change to more domestically driven factors next year.
Economy - Sat, November 2, 2024 | 2:00 pm GMT+7
Major Vietnamese developer Novaland appoints new CEO
Duong Van Bac, who joined Novaland as chief financial officer in August 2023, has been appointed general director, starting Friday.
Companies - Sat, November 2, 2024 | 10:24 am GMT+7
Vietnamese conglomerate Bamboo Capital posts 36-fold profit growth in Q3
Ho Chi Minh City-based Bamboo Capital Group recorded an after-tax profit of VND331.2 billion ($13.1 million) in the third quarter of 2024, an astounding 36-fold expansion year-on-year.
Southeast Asia - Sat, November 2, 2024 | 9:41 am GMT+7
ThaiBev to bag $54 mln from Sabeco’s upcoming dividend payout
Vietnam Beverage, wholly owned by Thai Beverage (ThaiBev) will rake in VND1,374 billion ($54.26 million) worth of dividend from Ho Chi Minh City-based top brewer Sabeco.
Companies - Sat, November 2, 2024 | 9:13 am GMT+7
Steel heavyweight Hoa Phat pours over $2 bln into central Vietnam complex
Leading Vietnamese steelmaker Hoa Phat had invested more than VND52.5 trillion ($2.08 billion) in its Dung Quat Iron and Steel Integrated Complex (Dung Quat 2) in the central province of Quang Ngai as of Q3/2024.
Industries - Sat, November 2, 2024 | 8:00 am GMT+7
Vietnam becomes Australia’s fastest-growing inbound market
The number of Vietnamese tourists to Australia has grown significantly after the Covid-19 pandemic, with nearly 178,000 reported in the 12 months to August 2024, according to a Friday press release by the Australian Minister for Trade and Tourism’s Office.
Southeast Asia - Fri, November 1, 2024 | 10:02 pm GMT+7
Study finds shift in Thai consumers’ spending patterns
Consumers in Thailand are shifting their spending focus to experiences and investments, according to the latest ASEAN Consumer Sentiment Study (ACSS) by United Overseas Bank (UOB).
Southeast Asia - Fri, November 1, 2024 | 10:00 pm GMT+7
Energy security, digitalization key to Indonesia's economic growth
The Indonesian government is prioritizing long-term economic growth through energy security, digitalization, and natural resource industrialization, according to Deputy Minister of Finance Thomas Djiwandono.
Southeast Asia - Fri, November 1, 2024 | 9:58 pm GMT+7
Vietnam PM's Middle East tour creates breakthroughs in economic, trade, investment cooperation: FM
Prime Minister Pham Minh Chinh’s freshly ended six-day trip to the UAE, Saudi Arabia and Qatar has produced important outcomes, demonstrating the growing relations between Vietnam and the three Middle-East countries, Deputy Prime Minister and Foreign Minister Bui Thanh Son told the Vietnam News Agency.
Politics - Fri, November 1, 2024 | 9:25 pm GMT+7
Vietnam, Qatar look to tap potential for energy, oil & gas collaboration
Vietnam and Qatar have recognized the significant potential for further collaboration in multiple sectors such as energy, oil and gas, especially LNG, agriculture, Halal industry, and banking.
Politics - Fri, November 1, 2024 | 9:02 pm GMT+7