Japanese retailer Aeon pledges to open 20 malls in Vietnam by 2025, investing over $2 bil.

03, Mar. 2020

An Aeon Mall in Ho Chi Minh City (File photo by NNA)
An Aeon Mall in Ho Chi Minh City (File photo by NNA)

HO CHI MINH CITY, NNA – Japanese retail giant Aeon group has pledged to increase the number of its shopping malls in Vietnam to 20 by 2025 with more than $2 billion in additional investment.

Yasutsugu Iwamura, president of Aeon Mall Co., the mall operator, told NNA on Monday he explained the expansion plan to Vietnamese Prime Minister Nguyen Xuan Phuc at a meeting in Hanoi last Friday.

Iwamura was then general director of Aeon Mall Vietnam Co. and took the chief executive post on March 1, according to the Japanese retailer’s statement.

The Vietnamese unit opened a fifth mall in the Southeast Asian country in Hanoi in December and is building a sixth in the northern port city of Hai Phong for scheduled opening in the second half of this year.

Iwamura said he told the premier at the meeting that the local arm exported Vietnamese goods estimated at $380 million in 2019, aiming to boost the figure to $500 million this year and $1 billion in 2025.

The Vietnamese government is working to improve the country’s investment environment for foreign investors, including those from Japan, the prime minister was quoted by the Saigon Times as saying.