Aeon mulls US$2 billion business expansion in Vietnam

Japanese retail giant Aeon is set to have 25 shopping malls across Vietnam by 2025, with a total investment worth US$2 billion, said Aeon Vietnam general director Iwamura Yasutsugu.

Also, Aeon will increase Vietnam’s export turnover to US$1 billion by 2025, from this year’s target of US$500 million, since the country boasts many products suitable to making the goal achievable, he added.

Speaking at a meeting for Aeon’s Yasutsugu on February 28, Prime Minister Nguyen Xuan Phuc affirmed that the Vietnamese Government is determined to continue adopting strong measures to improve the country’s investment environment to create conditions more favorable for foreign investors, including those from Japan.

Further, Vietnam hopes to expand its cooperation with Aeon and bolster the direct export of local products through the group, according to PM Phuc.

The Prime Minister also asked Yasutsugu and the group to continue expanding investment in Vietnam and open more Aeon facilities in the country’s other localities and support local businesses to join the group’s supply chain.

Meanwhile, Vietnam will ramp up production of farm produce, foods and textile-garment products to meet Aeon group’s quality requirements, the Prime Minister said.