Vietnamese group to build $250-mln Aeon mall in Dong Nai province
Local business Viet Phat Group JSC is set to build a 11.7-hectare Aeon mall in Vietnam’s southern province of Dong Nai, with an investment of VND6,112 billion ($248.3 million).
In May 2022, Aeon Mall Vietnam, under Japanese retailer Aeon, and Dong Nai authorities signed a memorandum of understanding (MoU) for the construction of the mall in Bien Hoa town.
Aeon Mall Ha Dong in Hanoi. Photo courtesy of Aeon Mall Vietnam.
In September 2023, Dong Nai province began collecting applications from investors for the project. In November 2023, Dong Nai province announced that Viet Phat Group was the only applicant, and the contract was handed over in December 2023, according to the firm.
Legal procedures are set to be completed in the fourth quarter (Q4) of 2024, and construction will start in Q1/2025, and enter the first phase operation in Q2/2027. The second phase is scheduled to begin in Q1/2035 and is scheduled for completiion in Q2/2038.
Viet Phat Group has also developed a 13-hectare Aeon mall, with an investment of VND5,200 billion ($214 million), in the northern province of Quang Ninh. Aeon Vietnam and Viet Phat Group kicked off construction of the project on January 1.
There are six Aeon mall outlets in Vietnam: two each in Hanoi and Ho Chi Minh City, and one each in the southern province of Binh Duong and northern city of Hai Phong.
Aeon earned operating revenue of JPY7,155 million ($48.3 million) in Vietnam in the first half of fiscal year 2023 (March-August 2023), up 20.7% year-on-year. In its quarterly report, the retailer said its operating income in Vietnam for the six-month period rose 36.6% to JPY1,992 million ($13.4 million). The figure was the company’s highest among ASEAN members and the third-highest market, only behind China and Japan.
Source: theinvestor.vn
