Japan's leading retailer sees Vietnam as its top priority market

The plan was outlined by the President and CEO of AEON Mall Co., the group's shopping mall subsidiary, in a recent interview with Nikkei.

Vietnam is now AEON's top priority market. Under the group's medium-term management plan through March 2031, the country will receive 60% of AEON's total investment allocated to member states of the Association of Southeast Asian Nations (ASEAN).

AEON's operating revenue in Vietnam, including its shopping malls and general merchandise stores (GMS), has been growing at around 25% annually. The group expects the figure to exceed 300 billion yen (about US$1.84 billion) by fiscal 2030.

The group's newest shopping mall, AEON Mall Da Nang Thanh Khe, officially opened in Da Nang on July 3. President and CEO Ohno said visitor numbers had significantly exceeded expectations.

AEON Mall Da Nang Thanh Khe is part of a mixed-use development developed by Vietnam's TTC Group. It is the first time AEON has adopted this model in Vietnam, which helps reduce costs compared with the group's traditional approach of developing a standalone shopping mall.

According to Ohno, in addition to the Da Nang project, "TTC has proposed several other potential sites," adding that "we may also cooperate with companies other than TTC."

To achieve its target of operating 30 shopping malls in Vietnam, AEON will adjust the size and design of each shopping mall to suit the characteristics of local communities and markets. The group is also preparing to open more shopping malls within mixed-use developments similar to the Da Nang project.

The expansion plan also includes medium-sized shopping malls that will not operate under the AEON Mall brand. AEON already operates one such shopping mall in Vietnam.

In fiscal 2026, AEON plans to open additional shopping malls in Thanh Hoa and Ha Long. The group has also received approval to invest in its second shopping mall in the central city of Da Nang.

Compared with major cities such as Hanoi, opportunities to open stores and shopping malls in provincial cities remain limited due to factors such as population size and consumer purchasing power. However, as Thailand's Central Group and other competitors continue to expand their presence in Vietnam, Ohno said it would be important to move early to secure favorable locations.

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