Aeon Vietnam announced that they will invest an additional USD 2 billion to expand its network of commercial centers in the country. Iwamura Yasutsugu, the general director of Aeon Vietnam, says the company expects to develop 25 centers across the country as consumer demand and urbanization drive growth in the sector.
Japanese retail group Aeon launched in Vietnam in 2013 with the opening of their first mall, Celadon City in a remote suburb of Ho Chi Minh City. Since then, more malls have been established by the company in Binh Duong, Ho Chi Minh City and Hanoi. In November 2019, Aeon opened its fifth mall in the country in Hanoi. Aeon’s expansion strategy in Vietnam revolves around building malls in suburban districts rather than downtown locations, focusing on local communities and offering a mixture of local and imported products.
Aeon Vietnam plans to boost the export of Vietnamese goods to their centers outside Vietnam, aiming at USD 500 million worth of goods this calendar year and USD 1 billion within the next five years.