Aeon announces fifth mall in Vietnam

Japanese retailer Aeon announced that it will be planning its fifth mall in Vietnam and second in the city of Hanoi in the Ha Dong district.

The retailer opened up its first mall in the country in 2014 and currently operates four malls. The new mall in Hanoi is set to debut in 2019. Aeon will be investing USD200 million in the new mall as part of its overseas expansion plan, which includes an additional three malls in Ho Chi Minh City.

(Read also: Vietnam retailers worried about foreign takeoverAeon opens online store in Vietnam)

Aeon has a network of over 300 consolidated subsidiaries that range from convenience stores to specialty stores, supermarkets and shopping complexes. It has presence in Malaysia, Cambodia and Indonesia. Considered the largest retail corporation in Asia, the company is also doing feasibility studies on Thailand, Laos and Myanmar.

In October last year, Aeon became the first foreign retailer to enter Myanmar with Aeon Orange, a supermarket that sells over 8,000 products split between 70 per cent import and 30 per cent local produce.

It is speculated that Ha Dong will be extended its ring road system to include a bus rapid transport system that connects to downtown Hanoi. The district has the fasting growing population with new housing developments in the pipeline to cater to the city’s urbanisation movement.