Aeon Vietnam Co. Ltd. and Vietnamese partner Tuan Kiet HD have been given an in-principle nod for their mall project in Hai Duong province, northern Vietnam.
On March 3, Aeon Vietnam and Tuan Ket HD signed an agreement for the 3.6-hectare mall project in Lien Hong commune and Thach Khoi ward of Hai Duong town.
This will be Japan’s 60th investment in the province but the first in the commerce-service sector.
In December 2022, Aeon Vietnam under Japanese retailer Aeon signed a memorandum of understanding with Hai Duong province to build the mall. Tran Duc Thang, chief of Hai Duong's Party Committee, said Hai Duong, also an agricultural hub, could supply the retailer various farm produce.
Aeon currently has six malls in Vietnam, including two in Hanoi, two in Ho Chi Minh City, one in the southern province of Binh Duong, and one in the northern city of Hai Phong, a neighbor of Hai Duong.
The retailer kicked off construction on Aeon Mall Hue in Thua Thien-Hue province, central Vietnam, with an investment of VND3,916 billion ($157.5 million), last month.
The Japanese group entered the Vietnamese market in 2013, with the first mall located in HCMC. In July 2022, the giant surveyed locations in the southern province of Binh Duong for its second shopping mall. The $95 million Aeon Binh Duong Canary, the first in the industrial hub neighboring HCMC, covers seven hectares in Thuan An town.
In February, Hanoi approved a draft plan for the city's third Aeon Mall, which will cover 8.03 hectares in Dai Kim and Thinh Liet wards, Hoang Mai district.
The retailer in 2020 said it would invest $2 billion expanding its presence across Vietnam, eyeing a total 25 malls by 2025.