No land sale to Japanese retailer Aeon, says Vietnam property developer Nam Long
Vietnamese real estate major Nam Long Group has announced that reports of any “official cooperation” between the group and Japanese retailer Aeon are wrong.
Listed on the Ho Chi Minh Stock Exchange (HoSE) as NLG, the group’s clarification referred to a report made by Vietnam’s leading broker VNDirect Securities.
In the report, VNDirect said NLG would soon transfer an 8.9-hectare land lot to Aeon for building a mall in the Mekong Delta province of Long An, earning over $50 million from the transaction.
An Aeon mall in Hanoi. Photo courtesy of Aeon.
Rejecting this information, NLG said any information on cooperation between the group and partners will be released on its official channels.
The latest confirmed deal between NLG and a Japanese partner was the June sale of a 25% stake in its 45-hectare Nam Long Dai Phuoc project to Japanese partner Nishi Nippon Railroad for VND662 billion ($26 million). NLG earned a profit of VND230.7 billion ($9.1 million) from the deal.
Aeon is a major mall operator in Vietnam. It has six outlets in the country: two each in Hanoi and Ho Chi Minh City; and one each in Hai Phong city and Binh Duong province. It is expected to develop dozens of new shopping malls in Vietnam in the coming months and years.
The Japanese retail giant earned an operating income of JPY1,332 million ($8.44 million) in Vietnam in the first quarter of fiscal year 2024 (March-May 2024), up 21.9% year-on-year. The retailer recorded operating revenues of JPY4,013 million ($25.42 million) in the three-month period, up 13.8% year-on-year.
In May, it began building the VND1 trillion ($39.3 million) Aeon Tan An shopping center in Long An province, its first project in the Mekong Delta.
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