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Japanese retailer Aeon has invested $1.5B in Vietnam
Japanese retailer Aeon has poured $1.5 billion into Vietnam in over 10 years, and the company is expanding to new localities in the country, an executive has said.
Vietnam is considered Aeon’s second most important market behind Japan, CEO of Aeon Vietnam Furusawa Yasuyuki spoke at an event in Ho Chi Minh City Thursday.
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Customers look at items at Aeon Ta Quang Buu outlet in District 8, Ho Chi Minh City on Sep. 26, 2024. |
In addition to major cities, the company is extending its presence to other regions, he added.
Aeon Vietnam launched a 7,000-square-meter outlet in HCMC’s District 8 Thursday to cater to demands of citizens in a non-central district.
It now operates seven major malls in Vietnam. Last month, it launched a VND4 trillion (US$163 million) mall in Hue, the largest in the central region.
The company has seen stores recording a revenue growth of 15% year-on-year so far this year even amid global economic difficulties and tightened spending.
Globally, Aeon posted a revenue of $63 billion last year.
Foreign direct investment (FDI) from China has continued to flow into Vietnam, according to the Ministry of Planning and Investment.
Foreign companies, especially Chinese, are investing and hiring more staff in Vietnam to shift their production to the country or expand.
BAC GIANG - On the afternoon of August 2, the People's Committee of Bac Giang province held a conference to hand over the investment registration certificate to Western Pacific Investment Joint Stock Company to implement the project "Investment, construction and trading of infrastructure of expanded Yen Lu Industrial Park (first phase) (Project). Vice Chairman of the Provincial People's Committee Phan The Tuan chaired the event.
Total registered foreign capital in Vietnam during January – July amounted to more than US$18 billion in Vietnam, a year-on-year increase of 10.9%, according to the Ministry of Planning and Investment’s Foreign Trade Agency.
Vietnam has seen a robust increase in the inflow of the foreign investment despite global geopolitical uncertainty, affirming foreign firms’ sentiments in the Southeast Asian market, according to insiders.
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