Vietnam's northern province of Hai Duong has given in-principle approval for local firm Tuan Kiet HD, a partner of Japanese retailer Aeon, to build a 3.6 hectare Aeon mall with an investment of VND1,220 billion ($50 million).
The approval was granted Wednesday at a conference held to announce the Hai Duong 2021-2030 master plan with a vision until 2050.
In March 2023, Aeon Vietnam Co. Ltd., subsidiary of Japanese retail giant Aeon signed with Tuan Kiet HD an agreement for the mall project in Lien Hong commune, Thach Khoi ward, Hai Duong town. In December 2022, Aeon Vietnam and Hai Duong authorities signed a memorandum of understanding on building the mall.
The 50-year project is set to complete construction and begin operations in the last quarter of 2025.
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 by 2025, with new malls planned in the provinces of Binh Duong, Dong Nai, Thanh Hoa, Thua Thien-Hue, Hai Duong, Nam Dinh and other localities.
At the event, Hai Duong authorities also granted investment policies and investment certificates and signed memoranda of understanding for 27 projects with a total investment of $1.4 billion.
Notable ones are Deli, a major Chinese stationery business, investing VND5,200 billion ($214 million) in producing office supplies; China-based Biel Crystal investing $260 million in making glass, optical and plastic products; and Boviet Solar Technology Co., Ltd., backed by China’s new material-energy firm Boway, investing $120 million in manufacturing solar cells and solar energy conversion modules.