14TH NATIONAL CONGRESS OF THE COMMUNIST PARTY OF VIETNAM

Japan’s retailer Aeon plans US$2 billion investment in Vietnam until 2025

Hai Yen

Feb 29, 2020 / 09:07 PM

Aeon targets to add Vietnamese goods and products worth US$500 million into its global distribution network in 2020, and around US$1 billion by 2025.

Japanese leading retailer Aeon Group plans to invest US$2 billion in Vietnam to realize the target of having 25 shopping malls in the country by 2025, according to Iwamura Yasutsugu, CEO of Aeon Mall Vietnam.

An Aeon mall in Hanoi

Aeon targets to add Vietnamese goods and products worth US$500 million into its global distribution network in 2020, and around US$1 billion by 2025, Yasutsugu told Prime Minister Nguyen Xuan Phuc at a meeting on February 28.

Yasutsugu said Aeon’s decision to expand investment in Vietnam is inevitable, given strong support from the Vietnamese government.

According to Yasutsugu, Aeon is holding numerous workshops across Vietnam to help increase added value in Vietnamese goods; collaborating with Japanese organizations in promoting production and modernized farming in Vietnam; cooperating with the Ministry of Industry and Trade to organize Vietnamese goods weeks in Japan; looking for suitable Vietnamese products to export to Japan.

PM Phuc said the Vietnam – Japan comprehensive partnership is growing strongly in all spheres, in which major economic corporations such as Aeon play an essential role.

Vietnam, therefore, is seeking a more comprehensive cooperation with Aeon, stressed Phuc.

For many years, the majority of Vietnamese goods and products were exported to Japan through intermediaries, Phuc said, adding a direct channel to the Japanese market via Aeon would bring benefits for all parties involved.

Vietnam is striving to improve the business environment, in turn creating favorable conditions for foreign investors, including those from Japan.

Phuc expected Aeon to continue expanding investment in Vietnam and contribute to the country’s retail sector.

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