Key facts
- Japanese retailer Aeon aims to have 30 shopping centers in Vietnam by fiscal 2030.
- Aeon currently operates nine shopping malls in Vietnam.
- The company plans to open a mall in Hue in 2024.
- Aeon is also expanding its supermarket presence, with plans for 100 stores in Hanoi by 2025.
- Aeon views Vietnam as its most important overseas market and a key growth area for 2025-2030.
Japanese retailer Aeon is significantly accelerating its expansion in Vietnam, with plans to more than triple its shopping center presence to 30 by fiscal year 2030. The company views Vietnam as a crucial market for its overseas strategy, citing its large, young population and strong economic growth prospects. Aeon recently opened its Aeon Mall Da Nang Thanh Khe and plans further expansion beyond its current strongholds in Hanoi and Ho Chi Minh City into other major urban centers.
Beyond large-scale malls, Aeon is diversifying its retail formats to include general merchandise stores, smaller supermarkets, and convenience stores, aiming to better cater to local demand. A key focus of this expansion is strengthening its food business, utilizing its shopping malls as central kitchens to produce and deliver fresh baked goods and ready-made meals to its network of supermarkets. This strategy leverages Aeon's expertise in mass production and efficient logistics, cultivated in Japan and Malaysia, to create a competitive advantage.
Aeon sees significant potential in Vietnam's young and growing retail market, which is expected to see further liberalization of foreign investment restrictions. The company is also committed to promoting Vietnamese products, with a high percentage of goods sold in its Da Nang mall sourced locally, and is expanding its private-label TOPVALU brand in partnership with Vietnamese manufacturers. Competition in the Vietnamese retail sector is intensifying, with local and regional players holding significant market share.