Major Japanese retailer, Aeon, is building a new shopping mall in Vietnam. 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.
Aeon’s 6th mall in Vietnam is being built in the port city of Haiphong, about 100 kilometers from the capital, Hanoi.
The 3-story structure will have 74,000 square meters of floor space. The outlet is set to open in 2020.
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.