Japanese retailer Aeon Mall recorded an operating income of JPY3.063 billion ($22.92 million) in Vietnam for fiscal year 2022 (March 1, 2022-February 28, 2023), a massive improvement from a loss of JPY83 million ($621,000) in 2021.
According to its latest reports, the retailer made an operating revenue of JPY13.283 billion ($99.38 million) in Vietnam in FY 2022, the highest among ASEAN nations. The figure went up 224.2% year-on-year and 245.1% versus 2019, the year prior to the Covid-19 pandemic.
Aeon Mall attributed the growth to post-pandemic reopening and promotional activities held during the year.
The Japanese business also said that Vietnam was its most important market for new malls, and it signed memoranda of understanding (MoUs) for malls in Ho Chi Minh City, the southern province of Dong Nai, and the central city of Danang last year.
Besides, the construction of Aeon Mall Hue in the central province of Thua Thien-Hue kicked off last February towards a grand opening in the second half of 2024.
As of end FY 2022, the retailer had 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. Last month, Aeon was given an in-principle nod for a new mall project in the northern province of Hai Duong.
Regarding global operations, Aeon Mall recorded an operating income of JPY43.954 billion ($328.84 million) in FY 2022, with Japan, its home market, accounting for the biggest portion of JPY34.114 billion ($255.22 million); followed by China with JPY6.634 billion ($49.63 million), and Vietnam with JPY3.063 billion ($22.92 million).
As of end FY 2022, Aeon Mall’s assets of property, plants, and equipment in Vietnam stood at JPY65.556 billion ($490.45 million).
Operating income is a company's profit after deducting operating expenses such as wages, depreciation, and cost of goods sold.