Aeon Vietnam will invest US$280 million for its third property in the capital city, Hanoi.
The mall, in South Hanoi, is scheduled to open by the end of next year, according to Aeon executive director and general director of Aeon Mall Vietnam, Yasutsugu Iwamura.
The Japanese retail giant plans to have 20 malls in Vietnam by 2025. It already has four trading, in Ho Chi Minh City, Hanoi and the southern province of Binh Duong. Two others are under construction in Hanoi and the northern city of Hai Phong.
The retailer hopes to have a strategic partnership with Vietnam retailers, increasing sales of agricultural products to Japan through its system.
It plans to double imports from Vietnam to US$500 million next year, and double again to US$1 billion by 2025.
Last year Aeon’s imports were worth US$245 million, with clothing accounting for 55 per cent of that figure.