Japanese retail group Aeon has announced its plans to expand its presence in Vietnam, aiming to triple the number of malls it owns and operates in the country. Vietnam’s growing middle class and the anticipated lifting of foreign operator restrictions has attracted investment in its retail industry in recent months.
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The retailer first entered the Southeast Asian region almost 40 years ago in Malaysia. Aeon’s expansive knowledge, which it has acquired over many years, justifies the ambitious store opening plans.
Aeon currently has around 200 stores in Vietnam, including six shopping malls, located primarily in Vietnam’s two largest metropolises, Ho Chi Minh City and Hanoi. Another Aeon mall located in Hue has also been scheduled to open in 2024.
The company has indicated that it is considering increasing the number of supermarkets in Hanoi to 100 by 2025. This would be a ten-times increase on what the number of stores it currently operates in the area.
Vietnam is “the most important market in our overseas strategy,” stated a Senior Executive for Aeon.
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The Vietnamese economy is expected to grow by more than 7 percent this year in a repeat of last year’s performance. Aeon entered Vietnam in 2014 and has invested over USD 1.18 billion so far.