Vietnam market brings in more than 2,000 billion in revenue for AEON Mall, the highest in Southeast Asia

The Vietnamese market brought in more than VND2,000 billion in operating revenue for AEON Mall Group in the reporting period from March to November 2024, the highest in Southeast Asia.

Consumers enjoy shopping at AEON Mall Hue, a newly opened shopping mall - Photo: AEON Mall

On January 9, AEON Mall Group (Japan) announced its business results for the third quarter of the fiscal year ending February 2025.

From March to November 2024, AEON Mall recorded consolidated operating revenue of more than VND 54,567 billion.

Of which, the Vietnamese market contributed about 3.6% (equivalent to more than 2,000 billion VND, up 13.7% over the same period last year).

At the same time, operating income from Vietnam increased by more than 19% over the same period in 2023, reaching more than VND 552 billion.

In the Southeast Asia region, Vietnam is the market that brings in the highest operating revenue for this group.

In all the markets AEON is operating in, revenue from the market of more than 100 million people in Vietnam is only behind the Japanese and Chinese markets (a country with more than 1.4 billion people).

In Southeast Asia, revenue from Vietnam is also the highest compared to the two markets where AEON Mall is present, Indonesia and Cambodia.

Although it is a market with only over 17 million people, the Cambodian market has contributed significantly to AEON's revenue, with more than 6.8 million yen (about 1,520 billion VND) for the above business period.

AEON Mall's report noted that in Vietnam, sales promotion activities are taking place continuously and achieving positive results, especially during holidays and seasonal events such as "Vietnamese Women's Day" and "Black Friday" in November 2024.

AEON Mall currently has seven shopping malls in Vietnam and just started construction on its eighth mall in Dong Nai province on the morning of January 10.

This project has a total investment of more than 6,000 billion VND, combining a commercial center and offices for rent.

After more than 10 years of operation, AEON has invested about 1.5 billion USD in Vietnam and has set a goal of opening 20 shopping centers.

They see long-term growth potential from a consumer market of more than 100 million people, along with the growing income of the middle class.

2025 is forecast to be a pivotal year for the retail industry in Vietnam, with a strong recovery driven by increased consumer demand and spillover from the manufacturing industry.

According to a report by MB Securities Joint Stock Company (MBS), modern retail models such as AEON Mall and Go! have been successful in attracting customers from traditional models.

This is thanks to effective sales strategies, along with the prominence of smaller chains such as Bach Hoa Xanh and WinCommerce+.

MBS estimates that about eight large shopping malls will be put into operation from Q4-2024 to 2025 (including AEON Mall centers).

For foreign investors, the attractiveness of Vietnam's retail market is still increasing.

This development is expected to motivate both domestic and foreign retailers to expand their store networks and increase market access.

Source: https://tuoitre.vn/thi-truong-viet-nam-mang-ve-hon-2-000-ti-doanh-thu-cho-aeon-mall-cao-nhat-dong-nam-a-20250112215550138.htm