Japanese retailer Aeon to triple its scale in Vietnam by 2030

By 2030, Japanese retailer Aeon Mall will triple the number of its shopping centers and stores in Vietnam – a key market in the group’s strategy to accelerate growth in Southeast Asia, said Aeon Vietnam CEO Tezuka Daisuke.

Vietnam is Aeon’s second most important market after Japan for stepping up investment, the CEO told local media on Thursday when the retailer opened its first general merchandise store in Hung Yen province, northern Vietnam.

Aeon built its first shopping mall in Vietnam in 2014 - the Aeon Tan Phu Celadon in Ho Chi Minh City. The retailer has since invested about $1.5 billion in the country, according to Tezuka.

Aeon currently operates eight shopping malls, 15 general merchandise stores and supermarkets, 45 small- and medium-sized supermarkets, 182 convenience stores, and 29 specialty shops covering fashion, beauty and bicycles in Vietnam, he said, adding the retailer has maintained an average annual growth rate of about 30% in the country.

At an earlier press briefing, Tezuka said Vietnam’s retail market is growing at about 7% and could climb to as much as 12% in the near future.

Modern retail penetration currently stands at only 13% to 15%, leaving substantial room for expansion, he noted, adding Aeon plans to grow not only in major cities but also in surrounding areas and less-developed regions.

Located on the first and second floors of Vincom Mega Mall Ocean City in Hung Yen province, Aeon Van Giang is positioned as an “all-in-one destination,” offering a comprehensive shopping experience aimed at young families while also appealing to tourists and workers in nearby industrial parks.

On September 23, 2025, Aeon opened the VND1 trillion ($37.9 million) Tan An General Merchandise Store and Supermarket in Tay Ninh province - its first outlet in the Mekong Delta.

The retailer plans to open a mid-sized supermarket in the northern city of Hai Phong in 2026.

Aeon plans to expand operations across promising provinces, with a medium-term focus on the Red River Delta, the Mekong Delta, and central Vietnam, including Hue and Danang.

Hung Yen and Thai Binh provinces were recently merged to form the new Hung Yen which borders Bac Ninh, Ninh Binh, Hanoi, Hai Phong, and the East Sea.

In May, the Trump Organization and local developer Kinh Bac broke ground on a $1.5 billion golf, eco-tourism, and urban complex in Hung Yen. The complex, named Trump International Hung Yen, is the first Trump-branded project in Vietnam. The mega project spans nearly 990.43 ha across six communes. Construction is scheduled to be completed by Q2/2029.

CTP, a leading industrial real estate developer in the Netherlands, plans to invest about EUR1 billion ($1.16 billion) in Vietnam in the coming years, with the northern province of Hung Yen identified as a key location. The investment will focus on provinces and cities with potential for industrial and logistics development, CTP’s CEO and founder Remon Vos said at a meeting with the Hung Yen People’s Committee on August 26.

Meanwhile, Huy Hoang Urban Development and Investment JSC aims to put its VND2,156 billion ($81.75 million) Con Vanh golf course project in Hung Yen into operation in early 2028. Hung Yen authorities mentioned the timeline at a meeting on September 17 to get an update on the project progress.

A $2.56 billion LNG-fueled power project in Hung Yen is slated to break ground later this year, according a project report dated June 2025. The timeline aligns with that set by the local administration.

The Thai Binh LNG power plant is designed to have two turbines, with the first expected to come online in Q4/2028 and the second in Q4/2029. Approved in December 2023, the project is jointly invested by Tokyo Gas, Kyuden Group (both from Japan), and Truong Thanh Vietnam Group.