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
Sumitomo subsidiary acquires 49% stake in Vietnam’s top crop protection firm
Summit Agro International Ltd., a member of Japanese conglomerate Sumitomo, has acquired a 49% stake in Hop Tri Investment Corporation, a leading crop protection firm in Vietnam.
Companies - Fri, November 22, 2024 | 8:25 pm GMT+7
E-wallets get thin as banking apps prosper in Vietnam
E-wallets appear unable to compete strongly against online banking applications in Vietnam, several market observers say.
Banking - Fri, November 22, 2024 | 7:15 pm GMT+7
Use social media influencers in targeted manner for e-commerce success: Vietnam execs
Vietnamese companies should use new generation influencers in a targeted manner, prioritizing specific market segments, standardizing quality and focusing on strong product categories to achieve e-commerce success, says Nguyen Ngoc Luan, CEO of Meet More Coffee.
Companies - Fri, November 22, 2024 | 4:26 pm GMT+7
VinFast’s parent, PV Power partner to speed up charging station expansion
Vietnamese private conglomerate Vingroup, the parent firm of electric vehicle manufacturer VinFast, and state-controlled PV Power have entered an agreement to develop charging stations across the country and promote rooftop solar installations.
Companies - Fri, November 22, 2024 | 4:11 pm GMT+7
Petrovietnam, Petronas to boost renewable energy cooperation
Petrovietnam and Petronas, two state-owned oil & gas giants of Vietnam and Malaysia, will further cooperate in renewable energy, including exchange of information, knowledge, and experiences.
Energy - Fri, November 22, 2024 | 2:59 pm GMT+7
FTSE Vietnam ETF may heavily buy Vinhomes, sell Vingroup in upcoming reshuffle: broker
FTSE Vietnam ETF is forecast to strongly buy in several Vietnamese heavyweights such as Vinhomes, Hoa Phat, and Vietcombank in its upcoming portfolio reshuffle.
Finance - Fri, November 22, 2024 | 2:45 pm GMT+7
$681 mln central Vietnam urban area project eyed by Sun Group gets authorities' nod
A VND17.3 trillion ($681 million) urban area project that is drawing the interest of major realty developer Sun Group has received an in-principle approval from Khanh Hoa province's administration.
Real Estate - Fri, November 22, 2024 | 1:53 pm GMT+7
Vietnam foreign ministry dismisses allegations of tightening visa rules for foreigners
Allegations of Vietnam tightening visa policies and control over foreigners are "baseless", Foreign Ministry spokeswoman Pham Thu Hang said Thursday.
Politics - Fri, November 22, 2024 | 11:29 am GMT+7
Thailand-invested food giant CP fined $31,000 for environmental violations
Vietnam’s southern province of Dong Nai has issued a fine of VND790 million ($31,080) to Thailand-invested C.P. Vietnam Corporation for violating environmental regulations.
Companies - Fri, November 22, 2024 | 10:48 am GMT+7
Vietnamese billionaire’s daughter spends $25 mln on Masan share purchases
Nguyen Yen Linh, the daughter of chairman Nguyen Dang Quang of consumer goods giant Masan Group (HoSE: MSN), has purchased nearly 8.5 million MSN shares over the past three weeks, meeting 85% of her target.
Finance - Fri, November 22, 2024 | 10:27 am GMT+7
PYN Elite manager upbeat about Vietnam’s economy, stock market despite Trump uncertainty
The Vietnamese economy will still fare well, and the local stock market will remain appealing despite the recent pullback following Donald Trump’s election win for a second term, said Petri Deryng, portfolio manager of Finland-based the PYN Elite fund.
Finance - Fri, November 22, 2024 | 8:25 am GMT+7
Central Vietnam province plans to build $2.4 bln LNG power plant from 2031
The 4,800-MW Chan May LNG power plant, with an investment of $2.4 billion, can be deployed in 2031-2035, according to Thua Thien Hue authorities.
Energy - Thu, November 21, 2024 | 10:41 pm GMT+7
Indonesia, France step up cooperation in economy, defence
Indonesian President Prabowo Subianto discussed economic and defence cooperation during a bilateral meeting on Tuesday with French President Emmanuel Macron on the sidelines of the G20 Summit in Rio de Janeiro, Brazil, Antara reported.
Southeast Asia - Thu, November 21, 2024 | 10:25 pm GMT+7
Thai economy to maintain upward momentum in 2025
The National Economic and Social Development Council of Thailand (NESDC) expects the Thai economy to sustain its upward momentum in 2025 with a growth of 2.3-3.3% despite growing risks.
Southeast Asia - Thu, November 21, 2024 | 10:24 pm GMT+7
Former parliament chairman Vuong Dinh Hue warned for violations
The Politburo, Vietnam's supreme decision making body, on Wednesday issued warnings to Vuong Dinh Hue, former Chairman of the National Assembly, and Nguyen Van The, former Minister of Transport, for violations while on duties.
Politics - Thu, November 21, 2024 | 10:10 pm GMT+7
Sumitomo insists on building LNG power plant in central Vietnam
Japanese trading house Sumitomo has been pushing for a liquefied natural gas (LNG)-fed power plant investment in Vietnam’s central province of Khanh Hoa.
Energy - Thu, November 21, 2024 | 8:53 pm GMT+7