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May 20, 2020 / 14:46

Hanoi remains AEONMall Vietnam's top pick for investment

AEONMall is pushing forward for the construction of the third shopping mall in Hanoi.

Vietnam in general and Hanoi in particular is a priority for investment for AEONMall, stressed Tetsuyuki Nakagawa, director general of AEONMall Vietnam, in a meeting with Secretary of the Hanoi Party Committee Vuong Dinh Hue, also attended by Deputy Chairman of the Hanoi People's Committee Nguyen The Hung on May 19.

 Secretary of the Hanoi Party Committee Vuong Dinh Hue (R) and Tetsuyuki Nakagawa, director general of AEONMall Vietnam (L). Photo: Vietnam News

The Japanese shopping mall developer currently operates five facilities in Vietnam including two in Hanoi and one in Ho Chi Minh City. It is expected to build another one in Hanoi’s Hoang Mai district and the other in the port city of Hai Phong in the fourth quarter of this year. 

Nakagawa said that the Covid-19 pandemic is taking a heavy toll on AEONMall operations in Vietnam, especially AEONMall Ha Dong, where most of the stores and eateries had to shut down because of the social distancing order just two months after its opening. 

However, AEONMall’s first shopping mall in Hanoi, AEONMall Long Bien still managed to attain good business results during the period. 

He believed the retailer would soon completely resume its operations thanks to the effective disease control measures by the city’s authorities.

 AEONMall Long Bien. Photo: AEONMall Vietnam

Nakagawa asked for Hanoi’s support to kick start the construction of AEONMall Hoang Mai soon. 

Secretary of the Hanoi Party Committee Hue appreciated AEONMall’s investment in Vietnam and Hanoi particularly. He believes that the retailer will soon overcome difficulties and restore its operation to continue boosting Hanoi's market with 10 million habitants and visitors.

Hue also expected the Japanese retailer will build more shopping malls in the city since the expansion of trade, services and tourism is the priority of Hanoi’s economic structure. 

The city's party chief hoped that AEONMall in Hanoi would expand to areas such as consumer credit and cashless payment to create a uniform retailing system.

Hue said the project at the AEON Hoang Mai project will be soon submitted to the municipal Party Committee for consideration, so that the license certificate could be handed over to the company at the city’s investment promotion conference scheduled for late June or early July.

AEONMall Vietnam made inroad in Vietnam in 2013. Since then, it has built a number of department stores in Hanoi, Binh Duong and Ho Chi Minh city. 

The group also aims to raise export turnover of Vietnamese goods through its malls in other countries to US$500 million this year and US$1 billion in 2025, Iwamura Yasutsugu, CEO of AEONMall Vietnam told Prime Minister Nguyen Xuan Phuc at a meeting on February 28, 2020. It plans to invest US$2 billion in Vietnam to realize the target of having 25 shopping malls in the country by 2025.