The Japanese retail industry is increasing efforts to expand its operations in the fast-growing Southeast Asian and Chinese markets, to cope with a shrinking population and sales back home.
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The 3-story structure will have 74,000 square meters of floor space. The outlet is set to open in 2020.
Once completed, the center is expected to welcome some 13 million customers per year and generate jobs for more than 2,000 workers, contribute to the State budget and assist the development of local small- and medium-sized enterprises.
Currently, Aeon Mall has put into operation 4 shopping centers in Vietnam, including two centers in Ho Chi Minh City, a center in Binh Duong and one in Hanoi.
The investment capital of Aeon Mall Long Bien in Hanoi is up to US$200 million while Aeon Mall Celadon in Tan Phu district, Ho Chi Minh is US$109 million. The lowest investment capital project is US$95 million- Binh Duong Aeon.
The fifth project of Aeon Mall Vietnam will be built in Ha Dong district, west of Hanoi. In March, it signed an investment cooperation agreement with BIM Group to develop a shopping center with a total floor area of 200,000 square meters.
Aeon Mall Ha Dong is expected to commence in 2017, open in late 2019 and become one of the largest trade centers in Vietnam.
Around 500 people gathered at the groundbreaking ceremony on Sunday. Attendees included Vietnamese Prime Minister Nguyen Xuan Phuc.
Japan's Ambassador to Vietnam, Kunio Umeda, spoke at the event. He said the mall will create many jobs and contribute to regional economic growth, as restaurants in it can use local ingredients.
Aeon Mall President Akio Yoshida said the firm plans to further expand its store network in Vietnam.
Aeon launched its 1st mall in the country 4 years ago to tap Vietnam's more than 6 percent annual growth. It planned to build 20 shopping centers by 2025.
Aeon Mall currently has 179 joint ventures inside and outside Japan, owning and operating nearly 17,000 shopping centers and outlets.
